KUALA LUMPUR (Nov 3): Fraser & Neave Holdings Bhd's (F&N) net profit declined 13% to RM49.59 million in the fourth quarter ended Sept 30, 2016 (4QFY16) from RM56.72 million a year earlier mainly on weaker Malaysian operations. In a statement to Bursa Malaysia today, food and beverage (F&B) manufacturer F&N said revenue dropped to RM976.5 million from RM1.02 billion. The softer market conditions have also resulted in cautious stocking levels at all trade levels, thus impacting sell-in. "F&B Malaysia operating profit reduced significantly from RM58.8 million to RM10.3 million (-82.5%), on lower revenue, less favourable sales mix, higher trade discounts and higher consumer trade marketing expenses." In the longer term, the various transformation initiatives will put the group on a stronger platform for sustainable growth in both revenue and profit," Lim said.

Source: The Edge Markets November 03, 2016 06:30 UTC