SINGAPORE - Yeo Hiap Seng's first quarter net profit has more than halved to $7.3 million from $19.8 million previously.

Revenue for the three months to March 31 shrank by 17.8 per cent to $111.6 million.

Contribution from the food and beverage division improved marginally. However, there was revenue from the property division since the sale of the last remaining residential property in December.

Earnings per share fell to 1.28 cents from 3.44 cents previously while net asset value per share eased to 125.31 cents compared to 128.23 as at Dec 31.