SINGAPORE (May 15): RHB Group Research’s analyst Juliana Cai is reiterating her “buy” recommendation on Food Empire with a target price of 75 cents from 88 cents previously.

On May 11, Food Empire released its business update, which saw net profit after tax fall some 13.3% to US$6.6 million from US$7.6 million, mainly due to foreign exchange losses as the Russian Rubble depreciated as a results from the oil crisis.

Excluding foreign exchange losses, core profit increased by 33% y-o-y US$9.5 million.

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