Food Empire F03 % says it expects to report a “substantially higher” profit after tax for the FY2022 ended Dec 31, 2022.
The increase was mainly due to better operating profit and a one-off gain from the disposal of a non-core asset, says the group.
In its 9MFY2022 results, Food Empire revealed that it made US$15.0 million ($19.9 million) from the same disposal. The group had sold its light industrial building in Harrison Road, Tai Seng, Food Empire Building, to a wholly-owned subsidiary of Lian Beng Group for $49.3 million in June 2022.
The group is expected to release its results for the full year on or around Feb 27.
Shares in Food Empire closed 1 cent higher or 1.31% up at 77.5 cents on Feb 13.
