Fraser and Neave saw its profits soar in the first nine months of its financial year thanks to the sale of its stake in Tiger beer brewer Asia Pacific Breweries and a trebling in dairy earnings.

In the nine months to the end of June, earnings reached S$5.07bn (US$4bn) from S$403m a year earlier. In November 2012, F&N completed the disposal of its entire interest in APB and consequently realised a disposal gain of S$4.75bn.

EBIT in the period was up 25.2% to S$489.2m. Sales climbed 12% to S$2.83bn.

F&N said its dairy earnings tripled S$45m, mainly due to the recovery of its dairy business in Thailand from the effects of floods in 2011. Sales were up 11%.

Investment vehicle TCC Assets, controlled by Chang beer brewer ThaiBev, took majority control of F&N in February.

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