Friday, November 11, 2016

QAF #40 - 3Q2016 results

...Despite the deconsolidation of the financial results of GBKL and the resulting declassification and exclusion of GBKL’s operating profits from the Group’s consolidated operating profits, the Group Profit Before Taxation (‘PBT’) increased by 63% to $22.0 million for 3Q 2016 from $13.5 million for 3Q 2015. The significant increase in Group PBT is mainly attributable to the increased profitability in Rivalea. Rivalea achieved increases in profitability through higher average selling prices from a better product mix, increased meat processing activities and lower operating costs. The Group’s bakery operations also saw improved profitability. In particular, the bakery operations in the Philippines achieved higher profits due to increased sales which resulted from its newly installed additional production facilities.