While the bakery segment achieved overall increase in sales, its EBITDA fell over the quarter due to higher operating costs and higher advertising and promotional expenses.
SINGAPORE (May 8): QAF, the manufacturer of Gardenia sliced bread, reported earnings of $3 million for the 1Q18 ended March, down 79% from earnings of $14 million in 1Q17 on lower revenue and higher costs and expenses.
Revenue for the quarter fell 5% to $102.9 million from $105 million a year ago on lower contributions from the primary product and distribution & warehousing segments.
