The lower group revenue was accompanied by a decrease of 22.6% in gross profit to $12.1 million in FY17 from $15.7 million FY16.
SINGAPORE (Aug 29): Noel Gifts, the flowers and gifts company, posted a 10.2% drop in FY17 earnings to $1.38 million from $1.52 million in FY16.
Group revenue came in 31.8% lower at $24.2 million in FY17 compared to $35.5 million in FY16 due to the completion of SG50 projects and the decline in demand for gifts amid the uncertain economic conditions.
