F&N’s Q1 profit surges 33% to S$103m

Fraser and Neave (F&N) has delivered a 33 per cent rise in first quarter profit to S$103 million.

It attributed the strong performance to contributions from its property developments, including the Soleil @ Sinaran project in Singapore and other overseas projects.

Revenue for the first quarter rose 19 per cent year-on-year to S$1.3 billion.

F&N also plans to launch the sale of two other projects in Bedok and River Valley Road this year.

Its unit, Asia Pacific Breweries, posted an 8.5 per cent rise in first quarter earnings to about S$44 million.

Chairman Lee Hsien Yang said F&N’s businesses in the core markets of Singapore, Malaysia, Indochina and Australia have all contributed strongly to the sterling results.

F&N says the economic growth in the Asia-Pacific region is expected to be moderate for the next 12 months.

Barring unforeseen circumstances, it says the group’s profit will further improve in the current financial year. – CNA/ac

Source : Channel NewsAsia – 14 Feb 2008

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