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QAF’s 2Q earnings more than double to $28.8 mil on one-off gain

Michelle Zhu
Michelle Zhu8/12/2016 06:24 PM GMT+08  • 1 min read
QAF’s 2Q earnings more than double to $28.8 mil on one-off gain
SINGAPORE (Aug 12): Food company QAF saw a more than doubling of 2Q earnings to $28.8 million from $12.2 million a year ago due to an exceptional gain of $9.7 million from the group’s sale of a 20% stake in wholly-owned subsidiary Gardenia Bakeries KL (
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SINGAPORE (Aug 12): Food company QAF saw a more than doubling of 2Q earnings to $28.8 million from $12.2 million a year ago due to an exceptional gain of $9.7 million from the group’s sale of a 20% stake in wholly-owned subsidiary Gardenia Bakeries KL (GBKL).

Revenue decreased 17% to $208.4 million. This was due to the deconsolidation of the financial results of GBKL from that of the group’s after QAF sold 20% of its 50% shareholdings in April.

All its business segments achieved higher sales, including bakery, primary production and trading & logistics. Profitability for Rivalea, its Australian agri-food unit, also increased through higher average selling prices from a better product mix, higher meat processing activities and lower operating costs.

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