Singapore. Fraser and Neave’s net profit up 34% to $25.5m in Q1

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Thanks to higher dairies revenue.

A security guard walks past a logo of Fraser and Neave Limited at its office building in Singapore January 21, 2013. Thailand's third-richest man has raised his stake and takeover offer for Fraser and Neave Ltd to fend off a bid by a group led by Indonesian tycoon Stephen Riady as the battle for the Singapore property and drinks group draws towards a close. REUTERS/Edgar Su (SINGAPORE - Tags: BUSINESS LOGO)

Fraser and Neave reported that its net profit from continuing operations jumped 34% to $25.5m in the first quarter, boosted by a staggering 92% surge in profits from its Dairies segment.

When results from its discontinued operations are included, F&N’s net profit fell 29%. Discontinued operations refer to Myanmar Brewery, which was divested in August 2015.

The group’s results were also boosted by a one-off $0.3m insurance claim related to the floods in Malaysia and the absence of impairment loss on fixed assets of $1.0 million recorded in the corresponding quarter last year.

F&N’s beverages revenue decreased 19% to to $132.1 million, mainly on due to weaker soft drinks sales in Malaysia on competition-led pricing pressures and weaker Ringgit.
The group’s Publishing & Printing segment also bounced back from a loss of $0.7 million to a profit of $2.5 million during the quarter.