KUALA LUMPUR: The absence of a one-off gain and a weaker performance in Malaysia put a dent in the numbers at Fraser and Neave (F&N) for the full year.
Net profit dived 82.9 per cent to $108.1 million for the 12 months to Sept 30, mainly because the firm enjoyed a sizeable boost last year after it sold Myanmar Brewery.
If that gain is excluded, earnings this year would have been 72.9 per cent higher at $109 million, thanks largely to increased takings from the dairy business and reduced losses from printing and publishing.
Full-year revenue fell 6.7 per cent from a year earlier to $1.98 billion on lower contributions from the Malaysian beverage and dairy business as well as the printing and publishing division.
Despite a 3.7 per cent dip in dairy revenue to $1.12 billion, the segment’s profit before interest and taxes jumped 72.5 per cent to $118.7 million due to lower milk-based commodity costs and improved operational efficiencies.
