Fraser and Neave posted a 9% fall in 3Q earnings to $40.5 million, or 2.8 cents per share, from a year ago despite a 3.7% increase in revenue of $645 million.
The higher revenue was due to a 5% growth in Food & Beverage (F&B), mainly from strong recovery in soft drinks sales in Malaysia and robust performance in its dairies business in Thailand.
But in spite of double-digit earnings growth from soft drinks Malaysia, beverages PBIT was flat at $50 million due to higher operating costs and unfavourable exchange rates.
Earnings for soft drinks in Singapore also fell 9% despite revenue growth led by 100PLUS as a result of its 28th SEA Games sponsorship due to intense competition and increased marketing spend on new products, Oishi and Cocolife.
The group’s brewery in Myanmar posted a 5% increase in revenue but beer earnings fell 5% compared with last year on higher operating costs for the expanded operations, the impact of higher commercial tax rate and the weakening of Myanmar.
F&N’s dairies division turned in another strong quarterly performance, with PBIT surging 40% to $21 million, bolstered by robust growth from its operations in Thailand and Malaysia.
F&N closed 1.8% higher at $2.3 on Thursday.
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The higher revenue was due to a 5% growth in Food & Beverage (F&B), mainly from strong recovery in soft drinks sales in Malaysia and robust performance in its dairies business in Thailand.
But in spite of double-digit earnings growth from soft drinks Malaysia, beverages PBIT was flat at $50 million due to higher operating costs and unfavourable exchange rates.
Earnings for soft drinks in Singapore also fell 9% despite revenue growth led by 100PLUS as a result of its 28th SEA Games sponsorship due to intense competition and increased marketing spend on new products, Oishi and Cocolife.
The group’s brewery in Myanmar posted a 5% increase in revenue but beer earnings fell 5% compared with last year on higher operating costs for the expanded operations, the impact of higher commercial tax rate and the weakening of Myanmar.
F&N’s dairies division turned in another strong quarterly performance, with PBIT surging 40% to $21 million, bolstered by robust growth from its operations in Thailand and Malaysia.
F&N closed 1.8% higher at $2.3 on Thursday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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