Neo Group H1 earnings up 5 times to S$13.6m

Singapore

NEO Group's first-half attributable net profit grew more than five times to S$13.6 million for the period ended Sept 30, 2020, up from S$2.3 million a year ago.

This was due to higher other income contributed by higher financial grants from the government, revenue growth from its core catering and manufacturing businesses, as well as an overall reduction in operating expenses including delivery, employee benefits and advertising, it said.