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Yeo Hiap Seng Q4 profit dives 81.5% on lower fair value gains

DESPITE higher revenue, beverage maker Yeo Hiap Seng recorded a net profit of S$338,000 for the fourth quarter last year, an 81.5 per cent plunge from S$1.8 million for the year-ago period.

The decrease was mainly due to lower fair value gains on investment properties, the mainboard-listed firm said in results released on Thursday night.

Fair value gains on investment properties, net of tax, more than halved to S$2.4 million for the quarter, from S$5.5 million a year ago.

Earnings per share stood at 0.06 Singapore cent for Q4, down from 0.31 cent a year ago.

Revenue rose 6.3 per cent to S$84.2 million, from S$79.2 million a year ago, thanks to higher sales in Singapore, Malaysia and Cambodia.

The directors proposed a final dividend of S$0.02 per ordinary share and a one-time special dividend of S$0.01 per ordinary share, for approval by shareholders at the upcoming annual general meeting.

The dividends will be paid on May 20 after books closure on May 12.

For the full year ended Dec 31, 2019, net profit increased by 47.1 per cent to S$17.7 million, from S$12 million a year ago. Revenue rose 4.5 per cent to S$364.3 million from S$348.6 million in 2018.

Shares of Yeo Hiap Seng were flat at 89.5 Singapore cents as at 9.19am on Friday.