Gardenia maker QAF Limited sees 154% PATMI increase as tax costs decrease

Income tax expense dropped 28% YoY to $1.7m to $.4.4m in H1.

Gardenia maker QAF Limited's profit after tax and minority interests (PATMI) soared by 154% YoY to $12.5m in H1 2024, fueled by lower income tax expenses.

Income tax expense dropped 28% YoY to $1.7m to $.4.4m in H1.

Apart from higher PATMI, the company also reported a 3.0% YoY higher revenue of $309.2m.

QAF Limited attributed its improved revenue to the successful reinstatement of the production lines at its Malaysian bakery factory damaged by floods in December 2021. Its Malaysian Bakery sales increased by $9.1m in H1.

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