Revenue for the quarter fell 5.8% to $451.3 million, arising largely from weak consumer sentiment and the absence of contribution from Chinese New Year sales.
F&N says the Beverage and Dairies turned in mixed performances this quarter. The strong uplift in Dairies PBIT of 42% to $40 million, underpinned by growth profit in Dairies Malaysia and Dairies Thailand, was offset by losses in Beverages of $5.2 million, resulting in an overall fall in F&B 2Q17 earnings of 7%. Coupled with Publishing and Printing losses of $5.6 million, group PBIT dipped 22% to $22.2 million.
For the 1H17, earnings came in 29.3% lower at $26.3 million.
F&N has declared an interim dividend of 1.5 cents per share, same as the corresponding period last year.
On Dec 21, the group completed its acquisition additional shares representing about 5.4% interest in Vinamilk through a competitive bid process.
Thereafter, through further purchases from the market, the group continued to increase its stake in Vinamilk. Today, the group’s shareholding in the company has risen to 18.74%.
Vinamilk will only contribute to earnings in the second half of FY17.
Shares of F&N closed 1 cent higher at $2.40.
