Fraser and Neaves dairy sector success is being led by growth in Thailand and Malaysia

Fraser and Neave's dairy sector success is being led by growth in Thailand and Malaysia

Singapore conglomerate Fraser and Neave has reported a 9% rise in quarterly profits from its dairy business.

Earnings from F&N's dairy arm grew to S$16m (US$12.6m) for the three months to the end of December.

Profits from F&N's Thai dairy business were up 13% on the back of a 15% increase in sales. In Malaysia, earnings from its dairy division were up 33%. Sales rose 6% but F&N also benefited from cost savings and "better bad debt recovery".

The Singapore-based company, which also has beverage and publishing divisions experienced, saw net profit rise 3.2% to S$36m. Net sales increased 5% to S$597m.