Fraser & Neave Ltd.: 1st half of fiscal 2003 net profit up 35%

Singapore-based food and beverage group Fraser & Neave Ltd. said 16 May 2003 its first-half net profit was up 35% to SGD 138.9 million on improved sales across all businesses.
The earnings were bette…

Singapore-based food and beverage group Fraser & Neave Ltd. said 16 May 2003 its first-half net profit was up 35% to SGD 138.9 million on improved sales across all businesses. The earnings were better than analysts expected. F&N posted a net profit of SGD103.2 million in the first half of 2002. Revenue was up 19% to SGD1.9 billion with strong growth coming from its brewery division, which enjoyed significant sales growth in New Zealand, Indo-China and Thailand. The company said securitization of Compass Point retail mall boosted revenue from its property business 64% to SGD 414.3 million. The mall was sold for SGD 335 million in November 2002. F&N is mainly involved in breweries, food and soft drinks, but also has interests in property and publishing. It has a 38% stake in Asia Pacific Breweries (APB)which owns and operates 14 breweries in eight countries across the Asia Pacific and produces 40 beer brands such as Tiger Beer, Heineken, Anchor, ABC and Guinness Stout. Heineken N.V. has a 42.5% stake in APB. The company said income from APB rose 13% to SGD 57.5 million, while its revenue rose 16% to SGD 649.6 million. The group said it also remains “cautiously optimistic” of a better operating performance at its Malaysian arm, Fraser & Neave Holdings Bhd, which is involved in glass production and dairy products.