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QNS [NON-RATED] - Q1 NPAT up 3% on solid soymilk sales while sugar lags - Earnings Flash

QNS released its Q1 2017 results including revenue +7% and NPAT +3% vs Q1 2016. Soymilk rebounded to post robust 9% volume growth in Q1 2017 vs Q1 2016 after a lackluster 2016 in which volume stayed flat vs 2015. On the other hand, sugar revenue declined 3% despite a low Q1 2016 base and higher selling prices. This was caused by flooding at the beginning of 2017 in Gia Lai province, which dampened plantation yields and CCS (commercial cane sugar).