SINGAPORE - Yeo Hiap Seng said its first quarter net profit rose by 24.6 per cent to $9.2 million.

Revenue for the three months to March 31 was up 8.9 per cent at $121.5 million, propelled by brisk business by its food & beverage (F&B) division.

Gross profit increased by 21 per cent to $45.6 million, mainly due to higher revenue, margin improvement and lower inventory written off.

There was no property development or selling activities during the quarter.

Earnings per share climbed to 1.59 cents from 1.28 cents previously while net asset value per share firmed to 118.56 cents compared to 109.15 cents as at Dec 31.