F&N posts 12% drop in first-quarter earnings to S$22.4m

Singapore

WITH higher operating expenses outweighing revenue gains, Fraser and Neave Limited (F&N) posted a 12.1 per cent drop in net profit for the first quarter ended Dec 31, 2016 to S$22.44 million.

Revenue for the quarter rose 0.2 per cent to S$495 million, as an overall revenue increase in the beverages and dairies segments made up for the drop in print and publishing and others.

The group attributed the revenue growth to contribution from the vending business which was acquired in July 2016, a…