F&N reports near flat first quarter earnings of $35.7 million

Bottles of F&N (Fraser & Neave) aerated or soft drinks. Fraser and Neave (F&N) reported on Thursday a slight dip in first quarter net profit by 0.8 per cent to $35.7 million. -- PHOTO: BLOOMBERG
Bottles of F&N (Fraser & Neave) aerated or soft drinks. Fraser and Neave (F&N) reported on Thursday a slight dip in first quarter net profit by 0.8 per cent to $35.7 million. -- PHOTO: BLOOMBERG

SINGAPORE - Fraser and Neave (F&N) reported on Thursday a slight dip in first quarter net profit by 0.8 per cent to $35.7 million.

It registered higher net losses for printing and publishing and lower net interest income.

Revenue for the three months to Dec 31 rose 9.7 per cent to $655 million compared with the same period the year before.

F&N said that beverages recorded a higher revenue due to increased contribution from both soft drinks and beer operations while dairies recorded higher revenue contribution from its operations in Singapore, Malaysia and Thailand.

Soft drink sales rose 4 per cent, mainly due to growth in brands like F&N and F&N Seasons NutriWell.

Turnover from its breweries was up 36 per cent, driven by effective promotional activities for Myanmar Beer which yielded a 40 per cent growth in volume.

Dairies revenue was 10 per cent higher at $299 million, as it saw double digit growth in volume in both domestic and export markets, owing to effective advertising and promotional activities.

Its printing and publishing division reported a 3 per cent drop in revenue to $89 million, owing to a loss of print titles and lower print volume from existing customers.

Earnings per share remained flat at 2.5 cents, while net asset value per share was $1.10 as at Dec 31, up from $1.11 as at Sept 30.

F&N's shares closed flat at $2.92 on Thursday.