SunMoon Food swings into the black in Q3

SINGAPORE- Mainboard-listed SunMoon Food Company has announced a net profit of $222,000 for the three months ended Sept 30, swinging from a loss of S$35,000 in the same period a year ago.

Revenue for the third quarter was S$5.9 million, up 134 per cent from S$2.5 million last year, it said in a filing with the Singapore Exchange on Thursday (Nov 5).

SunMoon shares have been suspended since Oct 15.

It had requested a suspension because a key shareholder, First Alverstone Capital, was responding to "queries" from the Monetary Authority of Singapore (Market Control). These queries arose from changes to First Alverstone's shareholdings that took place on Sept 18. First Alverstone Capital is a fund owned by SunMoon executive chairman Gary Loh and his wife, Ms Selena Cheng.

SunMoon has not made any further announcements on its suspension.

The company said in its earnings announcement on Thursday that revenue for the quarter had risen mainly due to increased sales in new markets. It added that it had stepped up marketing and sales efforts for its range of fresh and processed fruit products in Singapore, China and Indonesia.

Earnings per share for the three months was 0.07 Singapore cents, up from a loss of 0.011 Singapore cents per share last year.

Net asset value per ordinary share was 4.39 Singapore cents as at Sept 30, up from 3.98 Singapore cents on Dec 31 last year.

SunMoon did not declare a dividend.

Separately, SunMoon also announced on Thursday that it had appointed Ms Jessie Ang as independent non-executive director with immediate effect. Ms Ang was also appointed a member of its nominating committee, remuneration committee and audit and risk committee.

jkoh@sph.com.sg