SINGAPORE (Feb 23): QAF, the multi-industry food company, reported a 96% fall in 4Q earnings to $2.1 million from $55.8 million a year ago on absence of one-off gain.
In the 4Q ended Dec, revenue fell 2% to $214.4 million from $217.8 million. The group’s bakery segment saw an overall increase in sales and profitability but revenue for the primary production segment from Rivalea, the group’s Australia-based integrated meat producer, posted lower sales as a result of lower average selling prices on higher competition and an oversupply situation.
Costs of materials also increased by 7% to $117.3 million in 4Q17, mainly attributable to higher flour and other raw material prices and Rivalea’s $2.3 million writedown of biological assets in line with lower market prices.
