SINGAPORE (April 26): F&B and property group Yeo Hiap Seng reported 1Q earnings of nearly $139 million compared to $6.5 million a year ago.
This was mainly due to gain on disposal of investment in Super Group of $138.4 million and partially offset by loss on liquidation of a subsidiary of $1.2 million and a reduction in net profit of $3.3 million generated from F&B division.
Revenue fell to $81.9 million from nearly $111 million a year ago.
The F&B revenue and gross profit decreased by 26.2% and 32.9% to $81.9 million and $26.7 million respectively. The decrease in revenue in the current financial quarter was mainly due to disruption of sales in Cambodia arising from a dispute with its distributor, delayed shipments for certain markets and general market weakness.
There were no property development or selling activities in the current financial quarter.
Shares of Yeo Hiap Seng closed at $1.37 on Wednesday before the announcement.
