Singapore Food Industries has seen first-quarter profits jump 23.5% thanks to growth at home and one-off gains.
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Pre-tax profit rose to S$18.1m (US$13.3m), despite turnover inching up 2.2% to S$176.4m.
Earnings from SFI’s European operations fell 13.5% to S$7.2m thanks to the strong Singapore dollar against the sterling. Turnover was down 4.6% to S$101m.
“Both the Singapore and UK operations delivered improvements in their underlying business performance,” said CEO Roger Yeo. “However, the strong Singapore dollar had an adverse impact when translating the pound sterling results of our UK operations into Singapore dollars.”
SFI’s renewal of its key catering contract in Singapore was a “positive development”, the company said.
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By GlobalData
