Fraser and Neave, the Singapore-based drinks-to-dairy group, has booked a “strong” increase in full-year operating profit despite a lower contribution from its dairy unit.
Group revenue increased 5.5% to S$2.42bn, from S$2.29bn (US$1.8bn) in the year ago period. Trading profit increased to S$250.9m, compared to S$185.5m in 2013. Profit attributable to shareholders edged up to S$143.9m, compared to $143.5m last eyar.
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In its dairies business, the company booked top line growth of 6%. However, PBIT was down 5% to S$57m.
The company attributed the decrease to “weaker earnings” in Thailand, where currency exchange, higher input costs and the Thai government policy on price control all hit profitability. The group’s dairy business in Singapore also saw profits dented by a one-off adjustment despite higher sales, the company added. Elsewhere, dairies Malaysia earnings surged 25%.
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