Beverage maker Fraser and Neave reported Thursday its fiscal first quarter profit after tax dropped 21.3 percent on-year to S$50.8 million on higher finance costs and on impairments.
The company cited S$8.1 million of exceptional items, mainly on the impairment of inventories and property, plant and equipment due to flash flooding in Malaysia, F&N said.
Revenue for the October-to-December period rose 1.6 percent on-year to S$504.6 million, booted by higher beer and soft drink volumes, F&N said in a filing to SGX.
Beer revenue grew on an improved “route-to-market,” while a recovery in general retail and food service boosted soft-drink sales, Fraser and Neave said.
Dairy revenue for the quarter declined 1 percent, mainly on lower volume in Malaysia on lower domestic and export sales, the filing said. Earnings from the segment were impacted by higher input costs and unfavorable foreign currency translation, the filing said.
Thailand revenue was impacted adversely by unfavorable foreign exchange translation, the filing said.