[SINGAPORE] Fraser and Neave (F&N) posted a 0.3 per cent rise in net profit to S$84.1 million for its first half ended Mar 31, from S$83.8 million a year earlier.
This was mainly due to a higher effective tax rate following the expiry of a tax incentive, the food and beverage (F&B) group said on Friday (May 9). The group’s effective tax rate rose to 15.8 per cent, up from 15.4 per cent the year before.
Earnings per share for the half year stood at S$0.058, unchanged from the prior year.
Revenue for H1 rose 13.2 per cent to S$1.21 billion, from S$1.07 billion in the previous corresponding period, driven by strong performance in the F&B segment. There were improved sales, mainly boosted by strong Chinese New Year campaigns, new products and improved pricing, the group said.
Profit before interest and tax rose 1.6 per cent to S$165.1 million from S$162.5 million, supported by a 5.4 per cent increase in F&B operating profit. However, this was offset by a weaker contribution from the publishing and printing segment, of which profit declined due to the absence of a one-off contribution and higher costs.
An interim dividend of S$0.015 per share was declared, unchanged from the year before. The dividend will be paid on Jun 6, after books closure on May 20.
Shares of F&N were trading 0.8 per cent or S$0.01 higher at S$1.24 on Friday as at 9.17 am, after the announcement.
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