YEO Hiap Seng has reported a fourth quarter net profit of $5.24 million, a 46 per cent slide from the $9.73 million in the same quarter a year ago.
For the quarter ended Dec 31, the beverage and property firm saw revenue increase 13.6 per cent to $106.4 million, while cost of sales was up 18.6 per cent to $65.7 million.
The company said that this was mainly due to lower net profit contribution from its property division, which recorded a net profit of $790,000, compared to $5.88 million in the same period a year ago. It added that the resutls are generally in line with the progressive recognition of profits from sold units in the current quarter.
The food and beverage division posted a net loss of $1.06 million, despite revenues from the business up 10.2 per cent to $93.55 million, as staff related costs in Singapore and Malaysia increased due to salary increment and higher salesmen commission.
For the full year, the group recorded a net profit of $70.39 million, up from $42.6 million a year ago, driven largely by contributions from the property division.