F&N's Q2 profit falls 54% in absence of profits from discontinued operations

FRASER and Neave (F&N) on Tuesday said net profit for the second quarter fell 54.1 per cent in the absence of profits from discontinued operations.

Stripping that out, profit from continuing operations was stronger from a year ago.

Net profit for the three months ended March 31, 2016, stood at S$12 million, down from S$26.2 million a year ago on a restated basis. A year ago, it had reported S$30.7 million in profit from discontinued operations.

In August 2015, the group completed the sale of its brewery in Myanmar. Following the divestment, the operating results of this brewery were reclassified as discontinued operations.

Profit from continuing operations, net of tax, rose 25.6 per cent to S$26 million. Gross profit rose, as the slip in revenue was matched by a higher fall in costs.

It declared an interim dividend of 1.5 Singapore cents per share.