F&N net profit slides 29% in first quarter

SINGAPORE - Food and beverage group Fraser & Neave (F&N) posted a 29 per cent drop in its net profit to S$25.5 million for the first quarter ended Dec 31, 2015, compared to S$35.7 million last year.

Revenue also decreased to S$488.7 million, an 11 per cent drop, according to a statement released by the company.

Earnings per share for the quarter was 1.8 cents, down from 2.5 cents last year. Net asset value per share was S$1.74 up from S$1.57 as at Sept 30 last year.

F&N declared no dividend.

Regional expansion in new markets of Indonesia, Myanmar, Thailand and Vietnam led to brand investment costs and operating expenses, the company said in a statement.

"With S$700 million of cash available for business acquisitions and no net debt, the group is well placed to actively pursue new business opportunities in 2016," the company said.