SFI’s Q2 profit up 29% on strong UK, local showing

SINGAPORE Food Industries (SFI) has reported a 29 per cent rise in net profit to $5.4 million for its second quarter ended June 30, as its Singapore and UK businesses performed strongly.

Revenue grew 4.7 per cent year on year to $166.3 million, with earnings per share rising to one cent from 0.8 of a cent.

Net profit for the half-year ended June was $18.2 million, up 29.5 per cent as revenue grew 3.4 per cent to $342.7 million.

The group has declared an interim dividend of 1.8 cents per share. It said that the interim dividend, previously declared in Q3, has been brought forward to Q2. SFI shares last closed at 78.5 cents.

CEO Roger Yeo said ‘both the Singapore and UK operations continued to improve their underlying business performance in Q2, with strong profit growth’.

All business segments in Singapore reported strong sales growth in Q2. As a result, H1 sales in Singapore grew 17.5 per cent.

Improved performance in UK/Ireland operations was led by steady sales growth in the Daniels business, up 10.5 per cent in pound sterling terms. Overall UK/Ireland sales, after removing the impact of weaker sterling against the Singapore dollar, increased 4.7 per cent.

But when reported in Sing dollars, overall sales in UK/Ireland decreased 4.9 per cent.

‘Overall, the outlook for FY 2008 continues to be for growth in earnings over FY 2007,’ SFI said.

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