Published:
Neo Group's net profit slides 42.9% to $4.2m in FY16
Blame it on higher expenses.
Neo Group's net profit dropped 42.9% to $4.2 million in FY16, despite higher revenues from its manufacturing ang catering arm.
The group was hit by higher advertising expenses, coupled with higher costs related to the consolidation of the newly-acquired subsidiaries and one-off business expansion costs such as professional and legal fees incurred relating to M&A activities.
During the year, Neo Group acquired the maker of DoDo fishballs, which contributed $37.3 million ot the group's topline.
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