Super Group posts flat earnings in third quarter

SINGAPORE - Third-quarter earnings were flat at instant food and beverage manufacturer Super Group.

Net profit for the three months to Sept 30 came in at $7.41 million, little changed from the $7.42 million in the same period a year ago.

This was due mainly to lower interest income and government grants received during the quarter, compared with previously, Super Group said in a filing to the Singapore Exchange on Monday.

Revenue edged down 1 per cent to $119.5 million on lower food ingredient sales, which decreased 5 per cent to $40 million, largely due to lower turnover in South-east Asian markets, primarily Indonesia and the Philippines. This was partially offset by contribution from new markets, such as Europe and Middle East.

On the other hand, branded consumer sales grew 1 per cent to $79.5 million on higher turnover into the South-east Asian markets, particularly Thailand.

Earnings per share for the quarter was unchanged at 0.67 cents, while net asset value per share was lower at 45.63 cents as at Sept 30, compared with the 46.8 cents as at Dec 31 last year.

Super Group said it expects market conditions to "remain competitive" in the next 12 months, as volatility in raw material costs and currency fluctuations is expected to affect its operating performance.

Super Group is being bought by Dutch beverage giant Jacobs Douwe Egberts (JDE) in a $1.45 billion deal, or a $1.30 per share cash takeover offer.

Super Group shares closed half a cent or 0.4 per cent lower at $1.265 on Monday, before the results were released.