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.
