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F&N’s net profit rises 4.2 pct to RM240.32mil, revenue at RM230.54mil

KUALA LUMPUR: Fraser & Neave Holdings Bhd’s (F&N) net profit in the first-half (1H) of the year ended March 31, 2021, rose 4.2 per cent to RM240.32 million from RM230.54 million recorded previously.

In an exchange filing today, the food and beverage producer said higher earnings were fuelled by investment tax incentives at the Thailand subsidiary and offset by lower share of profit from an associate company.

Its 1H revenue for the period increased 2.4 per cent to RM2.17 billion from RM2.12 billion supported by the progressive recovery of domestic sales and resilient exports volume and maiden contribution from Sri Nona companies.

For the second quarter (Q2) ended March 31, 2020, F&N’s net profit rose 1.3 per cent to RM103.51 million from RM102.17 million, while revenue increased 8.9 per cent to RM1.1 billion from RM1.01 billion recorded in the same period last year.

The group remains cautious of the local and global uncertainties as the Covid-19 pandemic situation remains fluid and uncertain.

It said commodity prices are on the uptrend and expected to rise further.

“We will continue to develop our rich portfolio of brands and geographical presence, while adapting and refining our strategies to constraints imposed by the pandemic,” the company said in the filing.

Following the recent rise in Malaysia’s Covid-19 cases, F&N has assured the continued availability of its products in the market.

“We continue to conduct proactive safety measures including regular Covid-19 screening in our plants in Selangor to alleviate infection risk and ensure minimal impact to operations.”

F&N will also keep a close watch on recent spike in new cases in Thailand to ensure timely and appropriate mitigation measures.

“Our ability to weather the challenges and navigate through the uncertainty has proven that we have effectively implemented appropriate measures to build a stronger future for the group.

“We are confident that our long-term strategies are well placed to manage the risk of the current landscape while keeping us on track to drive future growth,” it added.

Source: NST