F&B manufacturer Fraser and Neave (F&N) announced that its FY2021 ended September earnings have dropped some 5.9% to $140.4 million from $149.2 million in FY2020.
Revenue for the period increased by 2.5% to $1.9 billion from $1.8 billion a year ago, but cost of sales saw a larger increase of 4.7% y-o-y to $1.3 billion, bringing gross profit to $583.0 million, 2.2% lower than $595.9 million a year ago. The increase in revenue was thanks to higher contribution from the group’s F&B division.
Overall beverages revenue of $452.7 million was 3.0% higher as compared to last year. The increase was mainly due to the ramp up in sales volume at Emerald Brewery, which is in its second year of operations, favourable sales performance in Indonesia and aided by the distribution of functional products.