Singapore Food Industries declares 2001 profit
announced a full-year profit of $14.82million (EUR17.2million) last
year, a 19 per cent increase from 2000, reported the Straits Times
in Singapore.
Food manufacturer and supplier Singapore Food Industries (SFI) announced a full-year profit of $14.82million (EUR17.2million) last year, a 19 per cent increase from 2000, reported the Straits Times in Singapore.
SFI posted a 6.8 per cent growth in turnover to S$373.9 million(EUR236.93million). It claims improved abattoir and hog auction operations, as well as continued growth at its overseas food manufacturing and processing subsidiaries have produced the positive results.
Earnings per share rose to 5.4 cents from 4.6 cents last year, while net tangible assets per share fell by 0.9 cent to 13.1 cents last year.
However, the company remains cautious about its future: "Operating conditions in Singapore are expected to remain difficult," the company said in a statement.
"Emphasis on cost control and business rationalisation will continue to be the strategy to maintain profitability."
In particular, SFI said a 'major contract with a key customer' was up for review in October, but stressed that its renewal was likely, given the company's good relationship with the customer over the past years.
If the contract is renewed and economic conditions do not deteriorate, the company said it expects this year's performance to be better than last year's.
Subject to shareholders' approval, SFI directors said yesterday that they were recommending a dividend of 4.5 cents per share.
This amount consists of an ordinary dividend of 2.5 cents per share, and a special dividend of two cents per share.
SFI expects to pay the dividend in the second half of April.
Singapore Food is 75 per cent owned by conglomerate SembCorp Industries Ltd , and owns almost 30 percent of British chilled foods company S Daniels Plc.
