QAF Q2 profit surges to S$28.8m, revenue falls 17.5% to S$208.4m y-o-y

A one-off exceptional gain from the sale of QAF Limited's 20 per cent shareholding in Gardenia Bakeries (KL) Sdn Bhd (GBKL) that was not subject to tax, and lower taxes paid by the group's other subsidiaries, gave a fillip to results for QAF in its second quarter.

Net profit surged 136.1 per cent to S$28.8 million from the year-ago period, the food company said in a Singapore Exchange filing on Friday evening.

For the three months ended June 30, revenue sank 17.5 per cent to S$208.4 million from the preceding year. The decrease in revenue was due partly to the deconsolidation of the financial results of GBKL from that of the group's, thereby reducing the group's stake to 50 per cent of GBKL's total shareholdings, it said.

Q2 earnings per share jumped to 5.1 Singapore cents from 2.2 Singapore cents in the previous year. Net asset value per share edged up to 81.2 Singapore cents as at June 30, from 76.1 Singapore cents six months ago.

Dividend per share was flat at one Singapore cent. QAF shares closed flat at S$1.12 on Friday.