Fraser and Neave, has reported earnings of $150.4 million for the year ended Sept 30, down 2% from the previous year. Revenue in the same period was down 4% y-o-y to $1.83 billion.
Earlier in the year, business was affected by lockdown in markets such as Malaysia and Singapore. However, overall numbers were offset by contributions from other businesses such as a new brewery in Myanmar, as well as other sales channels.
Chairman Koh Poh Tiong calls the year’s report card “relatively satisfactory”, given the pressures of on-going pandemic.
“While we have had a challenging third quarter, our businesses benefitted from the re-opening of regional economies in the fourth quarter,” he says.
“Although the green shoots to-date are encouraging, we are not yet out of the woods,” he warns.
“Barring a deterioration in the COVID-19 pandemic and any unforeseen circumstances, we hope that the nascent recovery will gain further traction in the near future,” adds Koh.
The company plans to push forward in its direct-to-consumer business and continue to expand in its core markets in Southeast Asia.
The company plans to pay a final dividend of 3.5 cents, which brings its full-year payout to five cents, down from 5.5 cents paid in the preceding year.
F&N closed Nov 11 at $1.22, unchanged for the day, but down by nearly a third year to date.
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