Sino Grandness Food reports big jump in net profit for Q1

MAINBOARD-LISTED Sino Grandness Food Industry Group more than trebled its net profit from 108.18 million yuan (S$22.75 million) in Q1 FY15 to 360.22 million yuan in Q1 FY16.

The increase in profit was mainly due to higher sales across the board, improved profit margin, higher other operating income, and changes in fair value of the option derivatives in relation to convertible bonds.

Revenue rose 24.3 per cent year on year to 723.7 million yuan due to strong orders for its own branded products, especially the beverage segment.

Earnings per share increased to 53.5 fen, up from 16.1 fen previously.