In Kazakhstan and the CIS markets, sales increased by 57.5% to US$16.9 million in 1H17 from US$10.7 million in 1H16 mainly due to change in business model and reduction of price compensation to distributor in Kazakhstan coupled with aggressive promotion.
SINGAPORE (Aug 12): Food Empire, the F&B manufacturing company, reported a 64.2% rise in 1H17 earnings to US$9.5 million ($12.9 million) from US$5.8 million a year ago on the back of 20.6% rise in revenue to US$125.2 million.
In 1H17, sales in the group’s largest market, Russia, increased by 17.5% to US$56.6 million compared to US$48.1 million mainly due to appreciation of the Russian Ruble against the US dollar.
