Higher contributions from dairy, beverages lift F&N's net profit

Singapore

CONSUMER group Fraser and Neave (F&N) on Thursday posted a 23.5 per cent increase in full-year net profit to S$152.6 million, due to higher contribution from its beverages and dairies segments.

Earnings before interest and taxes (Ebit) for the beverages segment increased multifold from S$400,000 to S$6.7 million, on the back of higher sales, lower sugar prices and lower manufacturing overheads and marketing spend. Ebit for the dairies segment rose 19.3 per cent to S$275.5 million due to higher profit contribution of about S$118 million from Dairies Thailand, and a higher profit share of about S$111 million from its Vietnam diary products joint stock company, Vinamilk.