Singapore Food Industries (SFI) has reported a 13.4% rise in third-quarter sales on the back of a strong performance from its domestic business.
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Revenue reached S$162m (US$118m), the company said. Profit after tax and minority interest grew a strong 26.7% to S$5.5m.
SFI said turnover in Singapore climbed 23.7% to S$66.8m for the quarter following higher sales across its businesses.
As a result, profit before tax from its domestic operations jumped 45.5% to S$8.2m.
The company reported a mixed performance from its overseas operations. Turnover abroad grew 7% to S$95.2m but the rise in sales was not enough to arrest a S$800,000 loss overall, as the company’s Cresset ready meals business in Ireland and its Shanghai STFI unit in China incurred losses.
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By GlobalDataThe company said that its China performance had been undermined by lower sales and its division there, SSTFI, is under review.
“The improvement in performance in the Singapore operations in the third quarter has been broad-based,” said CEO Roger Yeo. “This improvement has helped offset the relative weakness in overseas operations, which were affected by significant raw material cost increases in the UK. We will mitigate these higher raw material cost through price increases.”
In the UK, the Daniels business saw sales grow 8.5%, although profits fell 8.7% due to higher raw material costs.
Farmhouse Fare, which the company acquired in October 2006, reported sales of S$5.0m but incurred losses due to higher input costs and charges linked to the acquisition.
