F&N first quarter profit at record $4.9 billion

Fraser & Neave today announced a first quarter net profit of $4.9 billion, which includes a disposal gain of $4.8 billion.

The group disposed of its entire interest in Asia Pacific Breweries in the quarter ended Dec 31.

Revenue for the quarter was $913 million, up 17 per cent from the same quarter a year ago, as growth was recorded across different business segments.

The beverages segment recorded higher revenue due to higher contribution from F&N's breweries.

Revenue from the commercial property segment was also up 6 per cent as both existing and newly acquired serviced residences contributed positively.

There was also a fair value gain of $18 million recorded on an investment property under construction which obtained temporary occupation permit during the quarter.