CONSUMER group Fraser and Neave on Thursday posted a 23.5 per cent increase in net profit to S$152.6 million for FY19, due to higher contributions from its beverages and dairies segments.
Earnings before interest and taxes for the beverages segment increased multifold from S$400,000 in FY18 to S$6.7 million in FY19, on the back of higher sales, lower sugar prices, and lower manufacturing overheads and marketing spend, while Ebit for the dairies segment rose 19.3 per cent to S$275.5 million due to higher profit contribution of about S$118 million from Dairies Thailand, and a higher profit share of about S$111 million from its Vietnam diary products joint stock company, Vinamilk.
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