FRASER & Neave on Thursday saw first-quarter net profit rise 4.6 per cent to S$39.7 million on the back of higher revenue across all segments, but warned of continued competition as well as volatile material prices.
Revenue for the quarter ended Dec 31, 2019 was up 8.8 per cent year-on-year to S$505.2 million, lifted by better showing in all segments including beverages, dairies, and printing and publishing. Dairies, the group's largest contributor to revenue, saw revenue increase 9.9 per cent to S$308 million on the back of branding and customer loyalty campaigns, and the launch of newLikewise, beverages revenue gained 9.9 per cent to S$124.5 million, mainly due to contribution from F&N's Emerald Brewery in Myanmar which started commercial operations.
The printing and publishing arm also posted better performance, with revenue rising 2.7 per cent to S$72.6 million. Contributions from Print Lab and hallmark distribution had helped offset the decline in other units.
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