F&N’s Q3 net profit up 11.7% to S$123.2m

Conglomerate Fraser & Neave said its third quarter net earnings rose 11.7 per cent to S$123.2 million from a year earlier. Revenue for the three months ended June rose 12.3 per cent to S$1.3 billion.

F&N said it saw broad-based solid expansion across key businesses. In particular, its Food & Beverage business maintained its strong growth momentum during the quarter, while properties benefited from positive rental reversions and high occupancy rates.

Food & Beverage profit before interest, taxation revaluation adjustment and exceptional items expanded 12 per cent to S$233m, while properties profit rose nine per cent to S$135m.

F&N said it has managed to stay profitable amid these challenging times mainly because of effective cost management, strong market positions and progressive recognition of earnings from pre-sold properties.

Looking ahead, the firm said strong property sales in the current year will enable it to continue recognising development earnings in the next 12 months.

Source : Channel NewsAsia – 7 Aug 2009

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