Full-year revenue fell 4.1% to $1.9 trillion from $2 trillion in the previous year due to a surge in revenue from Dairies Thailand on the back of strong sales performance, as well as a significant increase in revenue from Vinamilk.
SINGAPORE (Nov 8): Fraser and Neave (F&N) saw FY17 earnings soar to $1.3 billion compared to $108 million the year before led by fair value adjustment and exceptional items of $1.2 billion, which arose largely from the realisation of fair value adjustment reserve upon change of interests in Vinamilk.
Excluding fair value adjustment and exceptional items, FY17 earnings fell 8.3% y-o-y to nearly $100 million, mainly due to higher finance cost due to borrowings to finance the acquisition of Vinamilk shares, along with weaker Beverages and concentrate sales and higher marketing expenses.
