QNS - Soymilk sales disappoint - Earnings Flash
QNS’s revenue and NPAT fell 13% and 15%, respectively, in Q1 2018 vs Q1 2017. This poor result was owing to. Soymilk revenue surprisingly declined by 11% YoY despite higher selling expenses. However, soymilk GPM widened by 5.5 ppts YoY on the back of lower depreciation and sugar input costs.