QAF expects jump in Q4 earnings on better primary business performance

Published Tue, Feb 18, 2020 · 10:42 AM

BREAD manufacturer QAF said on Tuesday that it expects to report a significant improvement in both pre-tax profit and net profit in FY2019 compared to FY2018, due mainly to the performance of its primary production business.

It estimates that fourth-quarter net profit for the three months ended Dec 31, 2019 will reach S$22.7 million, up 435.5 per cent from S$4.2 million in the fourth quarter of 2018. Revenue is expected to rise 5.2 per cent to S$224.4 million.

Net profit for the 2019 full year is estimated to be S$28.2 million, up 226.1 per cent from S$8.7 million in 2018. Full-year revenue is expected to rise 6 per cent to S$863.9 million.

These estimates are based on the review to-date of QAF's unaudited consolidated financial results for the financial year ended Dec 31, 2019.

In an announcement dated Nov 7, 2019 relating to its third-quarter results, QAF had stated that barring unforeseen circumstances, the group expects to achieve better performance in 2019 compared to 2018.

The company said it will report its FY2019 results later this month, though it did not give a specific date.