SINGAPORE (Aug 5): Yeo Hiap Seng saw its earnings halved to $4.4 million for the 2Q19 ended June, from $8.8 million a year ago.
Earnings per share (EPS) fell to 0.76 cent in 2Q19, compared to 1.51 cents in 2Q18.
The decline was largely due to lower other gains from financial assets, foreign currency translation and disposal of property, plant and equipment.
Other gains fell to $1.6 million in 2Q19, from $8.8 million a year ago.
2Q19 revenue rose 1.8% to $93.8 million, from $92.1 million a year ago, on the back of higher sales in Singapore, Cambodia, Europe and China.
As at end June, cash and cash equivalents stood at $263.0 million.
Yeo Hiap Seng has declared a special dividend of 1 cent per share for the period, to be paid on Aug 1.
Looking ahead, the group says it expects F&B margins to remain under pressure from the weak consumption outlook for its key markets as well as competitive selling prices.
It adds that it will continue to reformulate its beverage products in line with regulators’ push for healthier, lower sugar consumption.
Shares in Yeo Hiap Seng closed half a cent higher at 90.5 cents on Monday before its results announcement.
