SINGAPORE - Beverage maker F&N reported a net profit of $43.8 million for the first quarter ended on Dec 31, 2023, a 52.9 per cent jump from the same period the year before.

However, its revenue took a dip of 0.2 per cent to $531.6 million over the same time period, the company said in a business update filed with the bourse on Feb 6.

Earnings per share came in at three Singapore cents, an increase from two Singapore cents a year ago.

The company said that the first quarter’s revenue was impacted by unfavourable foreign exchange translation.

Without the effects of forex, revenue would have gone up by 2 per cent, led by sales of its dairy and beer products.

Revenue for the food and beverage segment – which includes soft drinks, beers and dairy products – grew 0.2 per cent to about $457 million, due to increased sales of soft drinks and canned milk, as well as higher beer prices.

However, revenue for its printing and publishing segment fell by 15 per cent to $53 million on lower print orders and retail sales.

The group’s profit before interest and taxes came in at $80.6 million in Q1 2024, an increase of 41.9 per cent from the year-ago period.

This was led by earnings from the dairy segment. Its profit before interests and taxes jumped by 49 per cent in Q1 2024 from the year before, on the back of higher revenue, lower input costs and higher profit share from Vinamilk, Vietnam’s largest dairy company in which F&N has a stake.

The earnings from the beverages segment were impacted by unfavourable forex translation, declining 9 per cent over the same time period.

Shares of F&N rose 0.95 per cent or $0.01 to close at $1.06 on Feb 6. THE BUSINESS TIMES