F&N posts modest Q1 growth without its property business

FRASER and Neave (F&N) posted a modest 3.2 per cent increase in its first-quarter net profit from continuing operations and before exceptionals, as weaker printing profits took a bite out of stronger food and beverage earnings.

Posting its first results since the January separation of its properties business into newly listed Frasers Centrepoint Ltd (FCL), the diversified group said yesterday that non-exceptional profit attributable to shareholders from continuing operations edged higher to $36 million, or 2.5 cents per share, in the three months ended December. That excluded a $56.9 million exceptional loss from continuing operations in the year-ago period.

Including discontinued operations, fair value adjustments and exceptionals, the latest quarter would have shown a profit of $156.8 million, down from $4.9 billion a year ago, when F&N recognised gains from its divestment of Asia Pacific Breweries.