Fraser and Neave, the Singapore-based food and drinks group, today (8 May) reported increased half-year sales and earnings from its dairies division.

The group booked a 20.7% rise in the profit before interest and tax from its dairies arm to SGD79.3m for the period ended 31 March, boosted by “favourable” dairy commodity costs.

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Revenue from the division was up, through growth was slower, with a 1.4% increase taking dairy sales to SGD550.1m. Sales in Singapore, Thailand and Myanmar increased but fell in Malaysia, with F&N pointing competition and weak demand.

However, F&N said overall group sales fell to SGD946.3m, from SGD972.9m in the year-ago period.

Group PBIT declined 16% to SGD68.6m on the back of the fall in sales, investment in the “new markets” of Indonesia, Myanmar, Thailand and Vietnam and higher operating expenses.

F&N said profit after taxation fell 13% to SGD63.9m. 

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The company is the second-largest shareholder in Vinamilk and revealed its holding in Vietnam’s biggest dairy business stood at 18.74%.

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