Drinks maker Fraser & Neave has reported higher revenue for 9MFY2022 but due to higher costs and unfavourable forex movements, its earnings dropped.
In a business update, the company says that for the period ended June 30, revenue was up 2.4% y-o-y to $1.5 billion. Its profit before interest and tax margin was down from 15% for 9MFY2021 to 12%.
As a result, earnings was down 18.3% y-o-y to $97.3 million.
The company has announced two on-going acquisitions, to be completed.
First, it plans to pay RM216 million for Ladang Permai Damai, which will give it a bigger presence in the milk market in Malaysia.
Next, F&N is ready to spend RM488 million to acquire the remaining 72.3% it did not already own in Cocoaland Holdings, a confectionery and snacks maker.
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F&N closed at $1.30 on Aug 5, down 0.76%.
