Singapore: Fraser & Neave Q1 profit up 5.4 pct
Fraser & Neave, a Singapore conglomerate, which brews beer, owns shopping malls and prints magazines, posted on February 10 a 5.4 % rise in quarterly profits, according to Reuters.
The group, which co-owns Singapore's most popular beer brand Tiger, said last November that profits would rise in its next financial year but warned that its business faced higher costs.
It earned S$68.6 million ($42.2 million) net profit in the quarter ended Dec. 31, compared to a restated S$65.1 million a year ago. Shares in the firm, founded as a printing business by Scotsmen John Fraser and David Neave in Singapore in 1883, have fallen more than 5 percent since the start of the year, valuing the company at around $2.5 billion.
F&N shares trade at 14 times forecast earnings, cheaper than Taiwanese snack maker Want Want Holdings, which is valued at 17 times, Reuters data shows.
Fraser & Neave and Dutch brewer Heineken jointly own Tiger beer maker Asia Pacific Breweries, holding 38 percent and 42.5 % respectively.
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