Fraser and Neave, the Singapore-based food and drinks group, has reported a jump in earnings from its dairy business, helped by lower input costs.
The company also saw its dairy sales in Thailand climb 10% thanks to improved distribution and increased promotional activity.
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In the 12 months to 30 September, F&N's dairy unit generated profit before interest and taxation of S$69m (US$48.4m), up 21% on a year earlier.
Profits from each of the three markets in which F&N sells dairy products – Singapore, Thailand and Malaysia – were up by at least a third, with the company benefiting from lower commodity costs.
While sales in Thailand rose, revenue in Malaysia and Singapore fell. In Malaysia, sales dropped 5% due to the fall in the value of the Malaysian ringgit against the Singapore dollar. When measured in ringgits, sales were up 5%.
In Singapore, sales dipped 2% amid lower export sales.
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By GlobalDataIn total, revenue from F&N's dairy unit – its largest by sales – grew 2% to S$1.12bn.
