F&N's full-year profit surges to $719m on back of Myanmar Brewery divestment gain

But core operations still look shaky.

Fraser and Neave's profit after taxation rose almost fivefold to $719m for the financial year that ended on September 2015, driven by a hefty $542m one-off gain on the divestment of Myanmar Brewery (MBL).

However, the group's profit before interest and taxation (PBIT) fell 11% to $132m, dragged by higher brand investment costs, lower soft drinks sales and higher logistics costs.

F&N said that proceeds from the sale of MBL will be used to strengthen its business in the core markets of Malaysia, Singapore and Thailand.

It will also deploy additional funds to explore opportunities in new markets of Myanmar, Vietnam and Indonesia.

Directors have recommended a final dividend of 3.0 cents per share, which, together with the interim dividend of 2.0 cents, brings the total dividend for the year to 5.0 cents, same as last year. This works out to a dividend payout ratio of 63%.

This final dividend, if approved by shareholders, will be paid on 19 February 2016

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