SINGAPORE (Feb 22): Far East Orchard reported a 66.8% decline in FY17 earnings to $21.6 million from $65 million a year ago.
Group sales for FY17 ended at $151.2 million, or 18.2% lower than FY16. The decline was mainly due to the end of certain onerous hospitality lease agreements in Australia and New Zealand in late 2016. The group’s hospitality business in Perth, Australia also recorded lower sales in the year due to challenging operating environment.
Group gross profit for FY17 came in $51.8 million, or 12.8% lower than FY16, in line with lower sales.