Singapore conglomerate Fraser & Neave has booked an increase in full-year profits, driven by growth in the firm’s food and beverage division.

For the year to the end of September, trading profit climbed to S$989.3m (US$764.6m) from S$773.2m in the prior-year period. Profit after tax almost doubled from S$434.9m to S$901.7m.

Revenues rose 11% to S$5.7bn, supported by “healthy” sales growth in the firm’s food and beverage sales division, Fraser & Neave said.

Chairman Lee Hsien Yang added: “We have doubled dairies earnings with the acquisition of Nestle’s canned milk businesses in Malaysia and Thailand, in part due to synergies and greater efficiency.

“Using the same approach, the acquisition of PT Multi Bintang Indonesia, investment in Cocoaland Holdings and the agreement to acquire King’s Creameries not only strengthen our market positions and profitability, but provide a platform to expand into new categories of food products.”

In the fourth quarter, profits climbed to S$226.7m from S$222.7m, while profit after tax reached S$259m from S$79.5m. Sales remained flat at S$1.55bn.