Fraser and Neave said it posted revenue of $1.36 billion in the first quarter ended 31 December 2011 (1Q2012), a decline of 11% over the same period last year.

Profit after tax was down 21% to $241 million due mainly to the absence of $100 million exceptional gain from the completion of corporate and debt restructuring of the group’s UK property business recorded last year. Excluding exceptional items, profit after tax improved 4% to $212 million.

Buoyed by strong topline gains particularly in its key markets namely Vietnam, Indonesia, Papua New Guinea and Myanmar, and the acquisition of Solomon Breweries last year, beer earnings soared 30% to $159 million.

Dairies posted a profit of $2 million, versus $14 million in the last corresponding period.

Earnings from properties continued to be supported by pre-sold development projects. Despite a 34% decline in revenue, profit before interest and tax dropped 9% to $88 million due to the absence of impairment charges from development projects, as well as better performance from the commercial property sector.