Singapore-based food and drink maker Fraser & Neave has reported a 21% decline in its second-quarter profits.

F&N’s net profit dropped to S$103.5m (US$82.3m) in the quarter to 31 March, down from S$131.2m in the comparable period of last year.

Revenue fell 6.7% to S$1.23bn, the company said on Friday (11 May). It said sales from its dairies business fell 18% to S$214m. Soft drink sales were also down, although revenue from its breweries business rose 19%.

“Robust domestic demand, favourable financial environment and potential for policy easing are expected to drive Asia’s growth, which may present opportunities for the group to further expand our core businesses in these markets,” Fraser & Neave chairman Lee Hsien Yang said. “With our continued focus on capital management, our balance sheet today remains strong, placing us in good stead to invest for an even firmer foundation for F&N.” 

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