F&N posts 54.1% drop in Q2 earnings

A range of Fraser & Neave Ltd. (F&N) products are arranged for a photograph in Singapore.
A range of Fraser & Neave Ltd. (F&N) products are arranged for a photograph in Singapore.PHOTO: BLOOMBERG

SINGAPORE - Food and beverage giant Fraser & Neave (F&N) posted a steep drop in earnings during the second quarter, given the absence of profits from discontinued operations.

The group announced on Tuesday that net profit slumped 54.1 per cent to S$12 million for the three months to March 31, well down from the S$26.2 million in the same period a year ago. Excluding the discontinued operations, however, net profit jumped 32.1 per cent to S$11.6 million.

The discontinued operations refer to the group's divestment of its brewery in Myanmar, which was completed in August last year.

Revenue dipped 4.9 per cent to S$474.3 million, on the back of lower contributions from the dairies and printing and publishing segments.

F&N declared an interim dividend of 1.5 cents per share, lower than the 2 cents last year, to "reflect the group's underlying operational results following the sale of its brewery in Myanmar".

The dividend will be paid out on June 9.

Earnings per share fell to 0.8 Singapore cents, compared with the 1.8 cents previously, while net asset value per share stood at S$1.73 as at March 31, up on the S$1.57 as at 30 Sept last year.

F&N shares closed unchanged at S$1.935 on Tuesday, before the results were announced.

tsjwoo@sph.com.sg