If not for the deconsolidation of GBKL’s financial results, the group would have reported a growth in revenue arising from increases in sales achieved by all of its business segments, namely bakery, primary production, and trading & logistics, says QAF in a Tuesday filing to the SGX.
SINGAPORE (May 9): QAF, the multi-industry food company, reported earnings of $14.2 million for the first quarter ended March 31, 13% down from the $16.4 million reported in the same quarter a year ago on the back of lower revenue.
Revenue for the quarter fell 15% to $212.7 million from $250.9 million in the previous year, mainly due to the deconsolidation of financial results of Gardenia Bakeries (KL) Sdn Bhd (GBKL) as the group sold 205 of its shareholdings in April 2016, hence reducing its stake in GBKL’s total shareholdings to 50%.
