BEVERAGE maker F&N reported a net profit of S$52 million for the first quarter ended Dec 31, an 18.8 per cent increase from S$43.8 million in the same period a year ago.
Revenue went up by 16.3 per cent to S$618 million from S$531.6 million, the company said in a business update on Friday (Feb 7).
Revenue for the food and beverage segment – which comprises beverages and dairies – grew 19 per cent on the back of a 39 per cent jump in sales for soft drinks and beer. All core markets for dairies also recorded growth, primarily driven by increased domestic and export demand in the Indochina region.
However, revenue for its printing and publishing segment fell by 3 per cent. This was attributed to lower licensing income in Latin America, as well as the absence of one-off title rights sales in Hong Kong last year.
The group’s profit before interest and taxes came in at S$91.9 million, an increase of 14 per cent from S$80.6 million in the year-ago period.
This was led by earnings from the beverages segment, where soft drinks contributed to a 38 per cent increase in profit, on the back of higher sales and a favourable cost environment.
Earnings from the dairies segment also rose across three markets – Malaysia, Thailand and Vietnam – driven by higher sales and an improved cost environment.
The group’s earnings per share stood at 3.6 Singapore cents, a 20 per cent increase from three Singapore cents in the year-ago period.
Shares of F&N closed 0.8 per cent or S$0.01 higher at S$1.27 on Thursday.
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