Gardenia bread maker QAF trebles profit on positive effects of forex gain
Published on Aug 12, 2014 9:13 PM
SINGAPORE - QAF, maker of Gardenia bread, trebled its second quarter net profit to $9.3 million from $3.1 million previously, mainly due to a more favourable foreign exchange movement.
Revenue for the three months to June 30 eased by 2 per cent to $253.6 million.
The slight decline is mainly attributable to the translation effect of a higher Singapore dollar exchange rate versus the domestic currencies in certain countries that the group operates in.
A fall in the Australian dollar against the Singapore dollar resulted in Rivalea (Australia), QAF's fully integrated producer of meat located in Australia, seeing lower sales in terms of Singapore dollars.
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