F&N's profit up 60% to $60.7m

Its F&B segment grew 44% to $85.2m.

Fraser and Neave Limited reported a 60% increase in net profits to $60.7m in Q3.

According to the group, including the exceptional items of $1.2b arising from the realisation of fair value reserves upon change of interests in Vinamilk, attributable profit soared to $1.3b, from $38.6m in the same corresponding period last year.

Its performance was aided by the 2.5-months of profit and higher dividend income from Vinamilk, Food & Beverage, which turned in a strong performance with earnings growing at 44% to $85.2m.

The strong contribution from Vinamilk lifted Dairies 3Q17 profit before interest and tax by 66% to $83.1m, despite weaker performances from Dairies Malaysia and Dairies Thailand mainly due to higher input costs, notwithstanding higher sales recorded in Dairies Thailand.

Meanwhile, the lower 3Q17 earnings from beverages, from $9.0m to $2.1m, impacted F&B earnings. Beverages 3Q17 earnings were impacted by continuing weak consumer sentiments and increasing competitive environment in Malaysia, as well as brand investments in new markets.

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