The Singapore-based drinks group, Fraser & Neave Ltd (F&N), has posted a net profit for the first half of the current fiscal year of S$138.9m, up 34.6% from S$103.2m in the first six months of the previous fiscal year.
The company’s net profit came in higher than analysts’ forecasts and was achieved on the back of robust soft drinks and beer sales and strong returns from property activities.
Sales at F&N, which is a Coca-Cola bottler in Singapore and Malaysia and co-owns Asia-Pacific Breweries (APB) with Heineken, rose by 18.5% to S$1.88 billion in the six months to the end of March, 2003.
APB earlier reported a 12.9% increase in first-half net profit from S$50.96m to S$57.5m. Reflecting concerns about the negative impact of SARS, APB had downgraded its full-year profit forecast. Having previously been forecasting double-digit earnings growth, the regional brewing force now says earnings for the full year will be at least flat if the outbreak is contained.
