Thursday, August 5, 2010

F&N 3Q earnings up 18.4% to RM70m

KUALA LUMPUR: Fraser & Neave Holdings Bhd posted net profit of RM70 million for its third quarter ended June 30, 2010, up 18.4% from RM59.12 million a year ago as it benefited from lower tax rate.

It said on Thursday, Aug 5 group revenue increased 7% to RM893 million, boosted by strong volume growth in soft drinks.

"Soft drinks revenue improved 26% with all main product portfolios registering commendable volume growth on the back of strong promotional activities around some major sport events such as the Thomas Cup and the FIFA World Cup," it said.

As for the dairies division, it saw a 3% decline due to lower exports for both Malaysia and Thailand operations. Property revenue was lower due to completion of Fraser Business Park ' Phase II.

Group operating profit for the quarter improved 17% mainly due to volume growth of soft drinks which was partly offset by higher raw material prices of the dairies division.

F&N said group profit after taxation for 3Q of RM72 million was 35% above the same quarter last year. Group effective tax rate declined to 20% from 29% previously, benefiting from the tax incentives secured last year for the new dairy plant investment in Rojana, Thailand.

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