QAF Limited says it is expecting to see a better set of earnings for the 1HFY2024 ended June 30.
The earnings improvement is attributed to the reinstation of production lines at QAF’s Malaysian factory in September 2023. The factory, which was damaged by floods in December 2021, has been supporting the normalisation of production and supply of bakery products, which contributed to the overall improvement in the company’s operating performance, says QAF in its July 23 announcement.
The company also reported lower foreign exchange (forex) translation losses in the 1HFY2024 compared to the same period last year.
In the same period, the company will report a non-cash impairment of $1.2 million for its investment in its joint venture, Gardenia Bakeries (KL) Sdn Bhd. The impairment will be reflected under QAF’s share of profits or losses of joint venture.
The company will be releasing its results in August.
Shares in QAF closed flat at 80.5 cents on July 23.
