Fraser & Neave Fiscal 2Q Net S$103.5 Million Vs S$131.2 Million
First Published Saturday, 12th May 2012 03:57 am - © 2012 Dow Jones
SINGAPORE -(Dow Jones)- Fraser & Neave Ltd. (F99.SG) reported a 21% on-year drop of its fiscal second-quarter net due mainly to lower revenues from its soft drink and dairies businesses.
Profit for the quarter ended March 31 fell to S$103.5 million from a restated S$131.2 million year earlier, the company said in a statement late Friday. Revenue for the period came in 6.7% lower at S$1.23 billion from a restated S$1.32 billion.
F&N restated 2011 earnings to comply with new financial reporting standards that apply to its property assets.
The food and beverages company said revenue from its soft drinks business in the fiscal second quarter fell to S$154.1 million from S$191.6 million last year, while revenue from its breweries business rose 19% on year to S$509.1 million.
The dairies business saw revenue contribution fall 18% on year to S$214 million.
F&N declared an interim dividend of 6 Singapore cents per share.
"Robust domestic demand, favorable financial environment and potential for policy easing are expected to drive Asia's growth, which may present opportunities for the group to further expand our core businesses in these markets," Fraser & Neave Chairman Lee Hsien Yang said. "With our continued focus on capital management, our balance sheet today remains strong, placing us in good stead to invest for an even firmer foundation for F&N."