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Super Group's Q1 net profit dips 15%
LOWER sales and higher costs took a toll on the earnings of instant food and beverage maker Super Group in the first quarter of this year.
Net profit dipped 15 per cent to S$11.6 million for the three months to March 31, while revenue fell 2 per cent to S$119.4 million, when compared with year-ago figures from the same period.
The fall in revenue was largely due to lower sales from its branded consumer and food ingredients business, the mainboard-listed firm said on Wednesday in a Singapore Exchange filing.
Branded consumer sales declined 2 per cent to S$83 million while food ingredient sales dropped 3 per cent to S$36.5 million, the firm said.
During the quarter, gross profit expanded 2 per cent to S$44.8 million while gross profit margin rose marginally from 36 per cent to 37 per cent, on the back of lower input costs from key raw materials such as coffee beans and palm kernel oil.
However, despite the rise in gross profit, operating profit dipped 5 per cent to S$15.6 million due to higher selling and distribution expenses as well as general and administrative costs. the firm said.
Earnings per share for the quarter shrank to 1.04 Singapore cents, down from 1.22 cents previously.
The firm's shares closed 0.5 Singapore cent lower at 91.5 cents.