SINGAPORE - Gardenia bread maker QAF reported net profit for the full year was up 17 per cent to $52.5 million, compared with the same period a year ago.

Revenue for the 12 months to Dec 31 slightly dipped 2 per cent to $998.3 million, it said on Wednesday.

The firm said the drop was "mainly attributable to the translation effect of a higher Singapore dollar exchange rate versus the domestic currencies of certain countries that the group operates in."

Earnings per share swelled to 9.4 cents from 8.2 cents a year ago, while net asset value per share was 76.1 cents as at Dec 31, up from 74.7 cents a year ago.