![#](https://e-malt.com/Images/left_top_corner16x200.gif) | E-Malt.com News article: 1815
Singapore’s third biggest conglomerate, Fraser & Neave Ltd (F&N), reported on Nov-14 a 38% jump in full-year profit, propelled by higher sales of property and soft drinks, and strong Asian demand for its beer. For its financial year to Sept 30, the 120-year-old group chalked up a net profit of S$333mil, compared with S$241mil the prior year, on 4.5% higher revenue of S$3.6bil. And the group expects its core earnings to improve further in 2004. F&N is one of Singapore’s best performing stocks this year, with its share price up 50% since January, outpacing the key Straits Times Index’s 30% gain over the same period. The counter closed at S$11.90 yesterday, down 10 cents, ahead of the results announcement.
Its breweries business recorded revenue growth of 13% to S$1.3 billion, despite adverse economic conditions and the impact of SARS in its fiscal second half.
F&N’s crown jewel is its 37.9% stake in Asia-Pacific Breweries Ltd (APB), maker of Singapore’s famous Tiger beer, through a joint venture with Heineken NV, which owns 42.5% of the brewery. APB, with 14 breweries in eight countries, registered a net profit of S$94.14mil for the year, up 10.9% on S$84.90mil previously.
The property division generated about half the group's profit, including a shopping mall sale, followed by breweries’ one-third, with the rest from soft drinks, publishing and printing.
19 November, 2003
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