Saturday , May 15 2021

F & N fell despite earnings growth – Business News

Khaled Lumpur: Fraser & Neave Holdings Bhd (F & N) shares suffered a marginal decline in early trading despite the fact that they posted higher profits in the last quarter ended September 30, 2018.

Tea maker of sweet condensed milk and isotropic drink 100Plus dropped eight sen, or 0.23% in RM34.70.

Net earnings in the fourth quarter ended September 30 rose to RM81.2mil, or 22.2 sen per share in the proceeds of RM996mil. This increased the total profits of the year to RM385mil compared to RM323mil done a year ago.

The company proposed an early payment of a dividend of € 30.5 per share.

However, the company warned that domestic markets in Malaysia and Thailand are expected to remain challenging due to continued competitive price pressures and increased competition, as well as exchange rate volatility and commodity prices.

In order to mitigate the risk of variable input costs, F & N has partially offset basic commodity needs for the next financial year with the corresponding foreign currency exposure.

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