SINGAPORE (Feb 8): SunMoon Food Company reversed into a 3Q loss of $1.25 million from earnings of $5.3 million a year ago on absence of one-off gain.
Revenue surged to $10.8 million from $1.3 million, mainly due to the increase in sales to Shanghai YiGuo E-Commerce which sources various products globally, including fruit, vegetables, seafood, meat, poultry & eggs, pastries and beverages, and desserts.
Gross profit increased to $345,000 in 3Q17 compared to loss of $83,000 in 3Q16.
However, other income swung to a loss of $208,000 in 3Q17 compared to a gain on disposal of subsidiaries amounting to $5.7 million in 3Q16.
Loss per share stood at 0.17 cent for the quarter, down from earnings per share of 1.42 cents a year ago. No dividend was declared for the quarter.
In its outlook, the group says that the operating environment remains challenging and competitive.
It adds that it will step up its brand-building and marketing efforts as well as improve margins by dealing with higher value-added products.
Shares in SunMoon closed at 8.6 cents on Friday.
