Singapore Food Industries (SFI) has seen its annual profits fall, dragged down by its loss-making Irish business that was placed under administration late last year.

The company, which owns UK businesses Daniels Chilled Foods and Farmhouse Fare, yesterday (12 February) booked an 11.1% fall in profit after tax and minority interests to S$27.9m (US$18.5m) for 2008. Revenue fell 1.1% to S$707.3m.

The results included the discontinued operations of Irish ready-meals business Swissco, which SFI wound up in December.

Excluding Swissco, SFI said underlying profits climbed 20.6% to S$46.7m, despite full-year turnover dipping 0.8% to S$689.1m.

SFI said sales from its UK business fell 6.3% to S$378m due to the fall in sterling. At 2007 exchange rates, SFI said UK sales rose 8.2% to S$436.2m.

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SFI’s pre-tax profits in the UK fell 7.4% to S$27.2m, again due to the weaker pound. Excluding one-off items and at 2007 exchange rates, SFI’s UK pre-tax profits would have stood at $29m – against $29.4m a year earlier.

“SFI Group in 2008 remained resilient in these challenging times. We have strengthened our core business platforms, and restructured our overseas operations to exit loss-making and marginal businesses,” said CEO Roger Yeo.

SFI has started 2009 with a new majority owner. Last month, the company announced that Singapore Airport terminal Services (SATS) had bought a 69.6% stake from Ambrosia Investment for around S$334.5m.

SATS, which handles functions from baggage handling to aviation security and in-flight catering at Singapore Changi Airport, will make a mandatory cash offer to buy the rest of SFI’s shares for S$0.93 a share.