Revenue for the quarter was marginally lower, down 0.2% compared to the corresponding previous quarter at $531.6 million.
Profit before interest and tax (pbit) for 1QFY2024 was up 41.9% y-o-y to $80.6 million, with pbit margin growing to 15.2% from 10.7% in 1QFY2023.
This is despite unfavourable foreign exchange (forex) translation as well as higher advertising and promotional spending.
Dairies led the pbit growth, jumping 49% supported by higher revenue, lower input costs and higher profit share from Vinamilk.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Geography-wise, contributions from Malaysia improved to 35%, supported mainly by lower input costs. Thailand’s profit increased (37%) thanks to lower input costs and higher sales, while a higher share of profit from Vinamilk contributed to Vietnam’s increase (35%).
Shares in F&N closed 1 cent higher or 0.95% up on Feb 6 at $1.06.
