Russia-Ukraine tension overshadows Food Empire's results; net profit dips 27.2%

Singapore

SINGAPORE companies have been mostly coy when asked about their exposure to Russia and Ukraine but the results announcement by Food Empire on Thursday (Feb 24) gave a glimpse of what they are facing.

"Although the current raft of sanctions are unlikely to have a direct or immediate impact on business prospects in the Ukraine and Russia markets, it will have an adverse impact on the volatility of the exchange rates of the Russian ruble and Ukrainian hryvnia.