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F&N posts higher Q2 profit

FRASER and Neave's (F&N) second quarter net profit swelled to S$15.39 million from S$3.82 million a year ago, lifted partly by higher share of profits from associated companies.

Including exceptional items, net profit totalled S$15.98 million, versus S$8.49 million a year ago.

Revenue rose nearly 5 per cent to S$473.09 million, thanks to broad-based sales growth across its business segments in its core markets Singapore, Malaysia and Thailand.

Earnings per share for the quarter under review came to 1.1 Singapore cents (after exceptional items), rising from 0.6 cent previously.

Thanks to higher dairy and soft drinks sales, reduced operating costs as well as maiden profit contribution from its associate company Vietnam Dairy Products Joint Stock Company (Vinamilk), second quarter profit-before-interest-and-tax jumped around 63 per cent to S$36.3 million. It has a shareholding of about 20 per cent in Vinamilk.

Meanwhile, for the half-year ended March 31, 2018, net profit was some 58 per cent higher at S$41.48 million while group revenue edged up 1.5 per cent to S$960.15 million.

Its directors have declared an interim dividend of 1.5 cents per share, unchanged from the interim dividend a year ago. The dividend will be paid on June 12.

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