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F&N posts 25% rise in Q3 profit

Singapore food and drinks giant Fraser and Neave's earnings were boosted by strong performances at its brewery in Myanmar and its Malaysian dairies business.

SINGAPORE: Singapore food and drinks giant Fraser and Neave Ltd (F&N) posted on Friday (Aug 8) a 25 per cent rise in earnings from continuing operations, boosted by strong performances at its brewery in Myanmar and its Malaysian dairies business.

F&N earned S$44.5 million before fair value adjustment and exceptional items for the fiscal third quarter ended June 30, up from a restated S$35.6 million in the same period a year ago. Revenues for the quarter grew around 6 per cent from S$587.7 million to S$622.1 million.

The firm's brewery in Myanmar, which produces Myanmar Beer, saw volume growth of 37 per cent. The soft drinks business in Singapore and Malaysia saw volumes increase by 9 per cent on higher sales of 100PLUS, F&N and F&N Seasons drinks.

Meanwhile, Dairies Malaysia saw profit growth of 73 per cent, helped by higher sales and production efficiencies and the absence of one-off costs which depressed earnings in the same period a year ago.

F&N earlier this year divested property arm Frasers Centrepoint Ltd by distributing shares in its real estate unit to shareholders. The firm is now primarily a food and beverage company with plans to become a leading player in Southeast Asia.

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