Food Empire records 14.8% YoY decline in net profit in 9M23

The company attributed the decline to a US$1.4m exchange loss.

SGX Mainboard-listed Food Empire's net profit after tax saw a 14.8% YoY decrease in 9M23, dropping to $57.3m (US$42.3m) from $67.2m (US$49.6m) in 9M22.

In a bourse filing, the company attributed the decline in its net profit after tax to the absence of a one-off gain of $20.3m (US$15.0m) from the disposal of a non-core asset recorded in 3Q22 and an exchange loss of $1.9m (US$1.4m).

On the flip side, the company recorded a 6.7% YoY increase in revenue to $413.7m (US$305.1m) in 9M23.

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Food Empire Holdings

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