For the full year, the food and beverage (F&B) sector posted earnings of US$14.5 million, more than 70 times its restated profit of US$0.2 million in FY15.
SINGAPORE (March 1): Food Empire Holdings is back in the black after posting US$2.9 million ($4.1 million) of earnings for the fourth quarter ended Dec 31 compared to the group’s restated 4Q15 loss of $3.1 million reported a year ago.
The stronger bottomline came on the back of higher revenue and lower expenses. The restatement of FY15 results was due to the adoption of revised Financial Reporting Standards which came into effect on Jan 1 2016.
