Beerless F&N less stout in Q1, but dairy finds whey to grow

Singapore

FRASER and Neave's (F&N) net profit fell 26.9 per cent in its fiscal first quarter following the sale of its Myanmar brewery, but a hearty dairy business helped continuing operations to post a 33.9 per cent jump in earnings, the drinks company said on Wednesday.

Net earnings for the three months ended December 2015 fell to S$25.7 million, or 1.8 Singapore cents per share. F&N shares closed at S$1.96 on Wednesday before the results were announced.

The quarter included a S$314,000 exceptional gain from insurance claims relating to floods in Malaysia, as well as the absence of a S$1 million impairment loss in the year-ago period…