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QAF's Q3 profit rises 84% to S$19.4m
REDUCED expenses from the deconsolidation of the financial results of its Malaysian joint venture lifted QAF's third-quarter bottom line despite denting its revenue.
Net profit for the three months ended Sept 30, 2016, soared 84 per cent to S$19.36 million supported by reduction in costs and expenses.
Earnings per share were 3.4 Singapore cents, compared to 1.9 Singapore cents a year ago.
Revenue was down 13 per cent to S$212.43 million.
The revenue decrease was mainly attributable to the deconsolidation of the financial results of Gardenia Bakeries (KL) Sdn Bhd (GBKL) from that of QAF.
GBKL ceased to be a subsidiary of QAF after the listed company sold 20 per cent of its shareholdings, reducing its stake to 50 per cent in GBKL.
The sale of GBKL resulted in a decrease in certain costs and expenses. In addition, QAF's bakery business segment enjoyed lower raw material costs while its pork supply business, Rivalea, saw lower feed costs.
Shares in QAF closed at S$1.325 on Friday before the release of its results.