Neo Group's six-month profit falls 9.1%; sales up 21.2%

NEO Group's net profit for the six months ended July fell 9.1 per cent from S$2.8 million to S$2.5 million.

The food catering group said this was due mainly to the bottom line not capturing the full length of the Chinese New Year season in the period, as well as an increase in sales team and advertising costs to drive business growth.

Neo Group announced the change of its financial year from Jan 31 to March 31 in May this year. The current financial year will thus cover a period of 14 months, from Feb 1, 2014, to March 31, 2015.