KUALA LUMPUR, Feb 4 — Fraser and Neave Holdings Bhd’s (F&N) share price declined despite posting an increased profit for the first quarter ended December 31, 2018, amid festive season.
At 9.50am, the counter was eight sen lower at RM33.88 with 600 shares changing hands.
F&N, in a filing to Bursa Malaysia last Thursday, reported that first quarter net profit ended December 31, 2018 increased to RM122.85 million from RM106.82 million recorded in the same period a year ago.
Revenue rose to RM1.01 billion from RM1 billion previously, the company said in a filing to Bursa Malaysia.
It attributed the higher net profit for the quarter under review to higher contribution from food and beverages (F&B) Malaysia and F&B Thailand.
“The overall domestic market for both Malaysia and Thailand is expected to remain challenging with continuing competitive price pressures and intensifying competition.
“The group will prioritise on initiatives to capture revenue synergies by focusing on its three growth drivers, namely innovation, excellence in execution and cost competitiveness to generate profitable and sustainable growth,” it said. — Bernama
