F&N reports 34% rise in Q2 net profit to $38.1 million

HIGHER sales of beer and dairy products drove Fraser and Neave's (F&N's) second quarter net profit 34 per cent higher to $38.1 million, against restated earnings of $28.4 million.

Revenue rose 3.8 per cent to $589 million for the period ended March 31.

The positive set of numbers came despite the strengthening of the Singapore dollar which translated to weaker results.

Revenue for its beverages segement rose 1 per cent to $239.6 million as net profits jumped 22 per cent to $19.4 million.

Its dairies segement revenue gained 7 per cent to $269 million as net profit grew 26 per cent to $7.6 million.

But its printing and publishing segment, which recorded $80.7 million in revenue, continued to register losses, bleeding $1.2 million in this quarter.

Quarterly earnings per share was 2.6 cents, down from 7.2 cents a year earlier.

Its net asset value as at March 31 was $1.61 down from $5.90 as at Sept 30.

The company declared an interim dividend of two cents a share.