F&N FY17 profit soars on fair value adjustment, exceptional gain

Singapore

FRASER & Neave's (F&N) full-year net profit has surged to S$1.3 billion from S$108 million a year ago after a fair value adjustment and exceptional gain of S$1.2 billion, which arose largely from the realisation of fair value adjustment reserve upon change of interests in Vietnam Dairy Products Joint Stock Co (Vinamilk).

Net profit before fair value adjustment and exceptional items was S$100 million for the 12 months ended Sept 30, down 8.3 per cent from a year ago.