SINGAPORE (Aug 8): QAF, the multi-industry food company, reported a 72% fall in 2Q17 earnings to $8.1 million from $28.8 million a year ago.
Revenue remained flat at $209.8 million compared to $208.4 million a year ago.
Profitability in the Bakery segment fell 29% to $5.5 million; profitability in the Primary Production segment fell 38% to $7.4 million while Trading & Logistics fell 25% to $0.9 million.
QAF says the group’s performance is expected to be affected by higher competition, currency volatility and increasing costs arising from higher raw material prices, higher energy costs and higher distribution cost in certain markets.
Staff Costs, Repairs and Maintenance and Utilities are expected to increase as a result of increased production activities.
Shares in QAF closed 0.5 cent lower at $1.30 on Tuesday.
