Super

Super: 2Q13 earnings spiked 106% y/y to $37.4m, which included a gain of $17.1m from the disposal of the Company’s 35.3% interests in Sun Resources Holdings Pte Ltd, an associated company involving in property development projects in China. Otherwise, core earnings improved 12% y/y. Revenue improved 23% to $138.3m as branded consumer sales had a robust y/y growth and recovery from 1Q13’s marginal growth of 1%. 2Q13 posted 10% sales growth to $92.4m y/y compared to 2Q12’s $84.3m. Higher sales were registered from key Southeast Asian markets of Myanmar, Malaysia, Philippines and Thailand. The increase was further boosted by higher sales to other Southeast Asian markets like Indonesia, Vietnam and Cambodia. Further, food ingredient segment achieved 65% growth for 2Q13 to $46m from 2Q12’s $27.8m. The growth was supported by increased production capacity and continued robust demand for soluble coffee powder and non-dairy creamer from the Asian markets. Gross profit margin for 2Q13 improved 3 percentage points YoY to 39% due to effective cost management and enhanced operational efficiencies arising from increased production capacity. Management is optimistic that the Group’s on-going efforts to stay ahead of the competition will generate positive contributions to its operating performance. The Group’s balance sheet remains healthy with cash and bank balances of $94.9m as at 30 Jun 2013. Counter will continue trading at 1345 hours.