F&N posts 1QFY2024 earnings of $43.8 million, up 52.9% y-o-y

Profit before interest and tax for 1QFY2024 was up 41.9% y-o-y to $80.6 million.

Fraser & Neave (F&N) has reported earnings of $43.8 million for the 1QFY2024 ended Dec 30, up 52.9% y-o-y.

Earnings per share stood at 3 cents, compared to 2 cents in 1QFY2023.

Revenue for the quarter was marginally lower, down 0.2% compared to the corresponding previous quarter at $531.6 million.

Profit before interest and tax (pbit) for 1QFY2024 was up 41.9% y-o-y to $80.6 million, with pbit margin growing to 15.2% from 10.7% in 1QFY2023.

This is despite unfavourable foreign exchange (forex) translation as well as higher advertising and promotional spending.

Dairies led the pbit growth, jumping 49% supported by higher revenue, lower input costs and higher profit share from Vinamilk.

Geography-wise, contributions from Malaysia improved to 35%, supported mainly by lower input costs. Thailand’s profit increased (37%) thanks to lower input costs and higher sales, while a higher share of profit from Vinamilk contributed to Vietnam’s increase (35%).

Shares in F&N closed 1 cent higher or 0.95% up on Feb 6 at $1.06.

 

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