Fraser and Neave Limited reported strong sales and profit performance for the third quarter ended 30 June 2010.
Revenue rose 8% to $1,409m, while profit before interest, taxation, discontinued operations, fair value adjustment and exceptional items for the same period jumped 10% over a strong quarter last year, to $252m.
Most business units contributed to the group's positive performance. Strong rental income, progressive recognition of pre-sold projects and recovery in the company's core residential markets led properties to its strong revenue and earnings performance, to $459m and $130m respectively.
Similarly, healthy consumer demand helped food & beverage maintain its strong growth momentum. Breweries earnings soared 25% to $74m on a 29% jump in revenue. In tandem with strong revenue growth, soft drinks earnings rose nearly 50% to $20m.
For the nine months ended 30 June 2010, group revenue improved 16% to $4,150m. Supported by healthy revenue growth in properties and F&B, strong margins from pre-sold residential properties, lower input costs and improved profitability in publishing & printing, PBIT jumped 44% to $813m. Profit after taxation from continuing operations reported a gain of 81%, to $643m, exceeding FY2009 full year profit after taxation by 45%.
The group's earnings per share for the period improved to 31.5 cents, and net asset value per share grew to $4.19.
Source: Fraser and Neave