F&B manufacturer Fraser and Neave (F&N), an associate of Thai Beverage, announced in its business update that its 9MFY2021 ended June earnings came in 1.0% higher y-o-y at $119.1 million, while revenue increased by 5.8% y-o-y to $1.5 billion.

Profit before interest and tax (PBIT) was 3.9% higher at $219.3 million, despite PBIT margin declining by some 27 basis points to 15%.

The group’s revenue growth was mainly thanks to a 5% y-o-y growth in its dairies segment, which remain to be its largest revenue contributor, thanks to higher canned milk sales and strong export to Middle East and Africa, despite subdued on-premise channel demand. During the period, the group also saw higher soft drink and beer sales volumes which helped lift Beverages revenue.

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