Singapore conglomerate Fraser & Neave has said it achieved “good revenue and profit growth” in its third quarter despite rising input costs and a strong Singapore dollar.
The food and beverage firm made the comments despite PBIT sliding 4.7% to S$240.6m (US$198.7m) in the three months to the end of June, dampened by costs related to “higher provision” for “share-based compensation expenses” in its breweries unit.
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Profits after tax, however, climbed 41.4% to S$235.2m, boosted by exceptional gains of S$158m from the completion of corporate and debt restructuring of its UK property business and the sale of its stake in Kingway Brewery.
Sales in the period amounted to S$1.43bn, a 2.2% increase on the year.
Profits in the firm’s dairy division continued to be weighed down by rising input costs, particularly in Malaysia. Despite a 2% increase in revenues, profits dropped 25% to S$14m.
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For the year-to-date period, earnings rose 17.4% to S$751.5m, while PBIT slid 1.3% S$802.1m. Sales, however, climbed 5% to S$4.36m.
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By GlobalData“F&B achieved good revenue and profit growth, despite rising input cost and a strong Singapore dollar, by staying focused on its strategic priorities of brands, innovation, investment and cost management,” the firm said today (12 August).
