F&N 4Q net profit up 75% to RM61m

KUALA LUMPUR: Fraser & Neave Holdings Bhd net profit rose 75% to RM61.08 million in the fourth quarter ended Sept 30, 2009 from RM34.74 million a year ago due to recognition of deferred tax assets of RM12 million.

F&N said on Nov 9 that revenue slipped 1% to RM908.3 million from RM921 million. Earnings per share were 17.1 sen versus 9.8 sen.

It proposed a bonus tax exempt dividend of five sen per share and a final dividend of 24 sen.

For the full year, net profit rose 34.5% to RM224.43 million from RM166.84 million due to the strong performance of the dairies and soft drinks divisions. Revenue was slightly higher at RM3.737 million versus RM3.674 million.

The dairies division's operating profit improved by 59% to RM140 million which was on par with the soft drinks as key contributor to the group profits.

The soft drinks division saw its revenue rose 10.5 %to Rm1.31 billion from RM1.18 billion, underpinned by higher sales and better product mix. Operating profits rose 11.1% to Rm137 million from RM123 million.