Fraser and Neave (F&N) has reported 1QFY2021 earnings before exceptional items ended December of $45.1 million, up 13.7% from 1QFY2020.

This translates to earnings per share (EPS) of 3.1 cents, up 14.8% y-o-y.

Group revenue fell 1.3% y-o-y to $496.5 million due to lower volumes from its Soft Drinks and Publishing & Printing (P&P) segments.

The group registered a decline in sales in Soft Drinks due to the earlier timing of Chinese New Year in 2020, as well as due to the impact of the Covid-19 pandemic.

Revenue for Beverages was lifted by the strong beer sales in Emerald Brewery.

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Dairies registered flat y-o-y revenue. Dairies Malaysia recorded strong growth on higher export, which was offset by lower revenue from Dairies Thailand on unfavourable translation impact.

P&P sales were impacted by the cancellation or deferment of print orders, border closures and dampened consumer sentiments.

By geography, all of F&N’s core markets registered lower sales, in particular Malaysia, due to subdued trade sentiments, which impeded the recovery of its Soft Drinks segment.

Profit before interest (PBIT) for 1QFY2021 grew 7% y-o-y as earnings for Beverages increased over twofold due to higher profitability in Emerald Brewery and favourable packaging costs and lower advertising and promotion in Soft Drinks.

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In terms of its markets, Thailand and Vietnam remain the group’s top contributors, at 50% and 29% respectively. Malaysia’s contribution fell to 18% from 20% previously due to lower sales and higher commodity prices.

1Q profit after tax (PAT) grew 10.8% y-o-y to $64.5 million due to lower effective tax rate of 13.9% during the quarter.

Cash and bank balances as at Dec 31, 2020, stood at $377.9 million.

Shares in F&N closed flat at $1.40 on Feb 4.