Tuesday, August 7, 2012

Yeo Hiap Seng posts 15.9% fall in Q2 net profit

SINGAPORE : Singapore-listed food and beverage (F&B) manufacturer Yeo Hiap Seng has reported a 15.9 per cent fall in its second-quarter earnings, due largely to a decline in profitability in its F&B division.

In the three months ended 30 June 2012, net profit attributable to equity holders of the company fell to S$12.3 million from S$14.7 million in the same period a year earlier.

The decline is driven primarily by higher selling and distribution costs, as well as a hike in administrative expenditure.

Revenue for the quarter rose 10.7 per cent on-year to S$126.3 million.

Going forward, Yeo Hiap Seng said it expects the group's performance to be "satisfactory" in the next 12 months, but acknowledges that its F&B division's margins are likely to be squeezed due to increased pricing competition in the markets and rising raw material costs.

For its property division, the company said it will continue to sell the remaining 31 units of development properties.

- CNA/ms



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