MULTI-INDUSTRY food company QAF : Q01 0% said that it expects a “significant improvement” in its net profit for the second half of its 2023 financial year ending on Dec 31, compared to the same period the previous year.

Its full-year result is also expected to see the same improvement, based on a review of its latest financial performance.

In a profit guidance update released on the Singapore Exchange on Monday (Feb 5), QAF said that this was mainly due to better business performance and improved foreign exchange movements.

This is despite the company’s non-cash impairment of S$9.2 million on the group’s investment in joint venture Gardenia Bakeries (KL), as well as exceptional items relating to insurance claims arising from flooding at its Malaysian bakery factory. 

It had previously stated after the release of its results for H1 FY2023 that the operating performance for the rest of the financial year would be satisfactory.

Its final set of results is set to be released later this month.

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Shares of QAF declined 1.8 per cent or S$0.015 to close at S$0.805 on Monday.