F&N net profit down 18.3% to S$97.3m for 9M despite higher revenue

BEVERAGE and publishing company Fraser and Neave (F&N) on Friday (Aug 5) posted a 18.3 per cent drop in net profit to S$97.3 million for the 9 months ended June 30, 2022, from S$119.1 million the year before.

This comes despite the company reporting a revenue of S$1.5 billion for the 9 months, up 2.4 per cent from the same period the preceding year, it said in a business update. F&N said revenue growth was fuelled by its beverages segment, lifted by higher beer and soft drinks volume, alongside higher selling prices.

On the other hand, revenue from its dairies segment fell 3 per cent due to “unfavourable” foreign currency translation and lower export sales, the group said, though this was offset partly by higher selling prices.

Revenue from its publishing and printing segment fell 8 per cent, mainly on lower textbook adoption in Singapore and Hong Kong, as well as the early termination of learning management system in Singapore, the group said. The segment was also impacted by lockdowns in China, it added.

Profit before interest and tax (PBIT) fell to S$180 milllion from S$219.3 million in the 9 months last year.

Earnings per share stood at 6.7 Singapore cents for the 9 months, down from 8.2 cents the year before.

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Shares of F&N closed at S$1.30, down S$0.01 or 0.8 per cent, before the results were announced.