Yeo Hiap Seng Q2 net profit drops 22.8%

SINGAPORE - Food and beverage maker Yeo Hiap Seng's net profit for the second quarter dropped 22.8 per cent to $4 million, compared with $5.19 million the previous year.

This was mainly due to lower dividend income from available-for-sale financial assets of $1.8 million and partially offset by higher net profit of $840,000 generated by the food and beverage division.

Revenue for the three months ended June 30 increased 4.7 per cent to $116.93 million.

Earnings per share for the second quarter was 0.7 cent, down from 0.9 cent in the same quarter last year. Net asset value per share was 107.56 cents as at June 30, down from 109.15 cents as at Dec 31 last year.

Yeo Hiap Seng shares closed at $1.45 on Friday, down two cents.