Shares of Food Empire (F03.SI) plummeted 4.17% in Thursday's trading session, following the company's announcement of a significant financial setback in the first half of the year. The food and beverage company reported an attributable loss to equity holders of $1.5 million, a stark contrast to the $23.6 million profit recorded in the same period last year.

The negative earnings came as a surprise to investors, with the company posting a loss per share of $0.0026, compared to earnings per share of $0.0444 in the previous year. Despite the downturn in profitability, Food Empire managed to increase its revenue by 22% year-over-year, reaching $274.1 million. However, this top-line growth was not enough to offset other financial pressures facing the company.

In an effort to maintain shareholder confidence, Food Empire declared an interim dividend of SG$0.03 per share, payable on September 10. Nevertheless, the market's reaction suggests that investors are concerned about the company's ability to return to profitability in the near term, driving the sharp decline in stock price during the trading session.