F&N’s FY16 earnings decline 83% to $10.8 mil on absence of gain on disposal

SINGAPORE (Nov 7): Fraser and Neave reported earnings of $108.1 million for FY16, a 82.9% decrease from the earnings of $632.6 million in FY15 which was boosted by the one-off $541.5 million gain from the sale of its 55% stake in Myanmar Brewery.

Excluding discontinued operations, earnings doubled during the year, on the back of lower input costs, higher interest income and the absence of exceptional charges.

Revenue for the year to Sept fell 6.7% to $1.98 billion, on the back of the foreign exchange translation losses on the sales of soft drinks and dairy products in Malaysia.

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