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SINGAPORE : Fraser & Neave's (F&N) full-year net profit rose 15 per cent to S$436 million.
The property and food group also saw a 4.7 per cent growth in its revenue for the 12 months ended September.
The growth was attributed to strong performance by its property and food & beverage businesses, which make up 72 per cent of F&N's total assets.
F&N said its well-positioned property portfolio has allowed it to weather the current storm.
While it saw weaker results from investments in Britain, its other properties - like shopping malls in Singapore - have remained strong.
Anthony Cheong, group company secretary, Fraser & Neave, said: "The REITS and our shopping malls are suburban malls, they are not prime Orchard Road malls. And based upon our experience with past downturns, like SARS and the last Asian financial crisis, rentals have held up."
The one segment of F&N's business that could be vulnerable is its food and beverage (F&B) arm, which is vulnerable to weakening consumer sentiment.
Mr Cheong said: "Fortunately, (in) our F&B business, we are in the business of selling necessities, rather than things which are discretionary, and they have proven to be quite resilient."
Despite the credit crunch, F&N said it is not at risk of running out of funds, thanks to falling prices of commodities, which have lowered its expenditure.
The company also said it will continue with its plans not to replace previous group CEO Han Cheng Fong. It will continue to function only with CEOs for its individual business segments.
Dr Han quit suddenly in October last year, citing differences with the board. - CNA/ms
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