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Fraser and Neave's net profit down 33% to $25.7m in Q1
Due to a one-off gain last year.
Fraser and Neave reported that its net profit slipped 33% year-on-year to $25.7m in the first quarter, compared to $38.1m in the same period last year.
The decline was attributed to a one-off recognition of valuation gain on interest retained in a joint venture company following the demerger of FCL in the corresponding period last year.
Overall beverages revenue and profit before interest and tax (PBIT) was 5% and 10% higher compared to the same period last year, while dairies revenue was 2% higher than the corresponding period last year.
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