Singapore conglomerate Fraser and Neave has reported a 9% rise in quarterly profits from its dairy business.

Earnings from F&N’s dairy arm grew to S$16m (US$12.6m) for the three months to the end of December.

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Profits from F&N’s Thai dairy business were up 13% on the back of a 15% increase in sales. In Malaysia, earnings from its dairy division were up 33%. Sales rose 6% but F&N also benefited from cost savings and “better bad debt recovery”.

The Singapore-based company, which also has beverage and publishing divisions experienced, saw net profit rise 3.2% to S$36m. Net sales increased 5% to S$597m.

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