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QNS - Sharp drop in sugar price undermined Q3 2017 earnings - Earnings Flash

QNS released 9M 2017 results including revenues +13% and NPAT -15% vs 9M 2016. Subdued earnings growth is mostly attributed to hammered sugar selling price (~15-20% decline vs H1 2017) and higher depreciation from increased sugar and soymilk capacities. Soymilk posted decent 4% volume growth, but higher depreciation drove a 1% decline in gross profits. On the other hand, a steep fall in sugar price caused a loss in Q3 2017 for the sugar segment, underpinning a 38% drop in QNS’s Q3 2017 NPAT