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F&N net profit dives 90.5% on absence of one-off gain

Its 2017 profit had been boosted by non-recurring $1.2 billion fair value gain; 2018 revenue is up 1.5%

Published Fri, Nov 9, 2018 · 09:50 PM

Singapore

HIGHER finance costs and the absence of a one-off gain put a dent in Fraser & Neave's (F&N) earnings for the 2018 fiscal year.

Net profit for the year ended Sept 30 plunged 90.5 per cent to S$122.2 million, in the absence of a $1.2 billion fair value gain recognised last year when F&N started to equity account its share of Vinamilk's profit in April 2017. F&N owns a 20 per cent stake in Vinamilk.

Excluding exceptional items and fair value adjustment of investment properties, net profit rose 26.4 per cent at S$121.7 million. Revenue rose 1.5 per cent to S$1.93 billion, driven by strong…

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