The 56%-owned unit of Singapore“s Fraser and Neave Ltd, F&N (Malaysia) Bhd, the Malaysian glass container manufacturer, achieved a net profit of M$ 10.03 million for the first half of the financial y…
The 56%-owned unit of Singapore“s Fraser and Neave Ltd, F&N (Malaysia) Bhd, the Malaysian glass container manufacturer, achieved a net profit of M$ 10.03 million for the first half of the financial year ended March 1996. F&N (Malaysia), formerly known as Malaya Glass Bhd, made net earnings per share of 18 sen. Six-month turnover for the Malaysian group was M$ 154.13 million while operating profits stood at M$ 15.03 million. There are no comparative figures for the first-half results as F&N underwent a restructuring programme late last year. This saw F&N inject its Malaysian soft drinks and dairy operations into Malaya Glass, whose sole operation then was to manufacture glass containers. The restructuring, completed on 1 March this year, resulted in a one-month interim contribution from soft drinks and dairy operations. The glass operations were transferred to a wholly-owned subsidiary, which meant a five-month contribution, instead of six. Partly because of this, the glass maker“s net profit fell 29.6% to M$ 2.35 million while revenue dropped 20.1% to M$ 37.72 million. F&N (Malaysia) expects improved earnings for the second half-year.