Fraser & Neave profits doubled to $165.7m in 2016

This is despite 7% drop in revenues.

Fraser & Neave recorded a two-fold rise in profit after taxation (PAT) for the twelve months ended 30 September 2016.

Boosted mainly by lower input costs, higher interest income and the absence of exceptional charges, FY2016 PAT rose to $165.7m, from $82.4m in FY2015.

The 101-per-cent increase in PAT was achieved despite a fall of 7 per cent in FY2016 revenue to $1,978.6m, which was largely due to adverse translation effects on soft drinks and dairies sales in Malaysia.

Despite the decline in revenue, Group FY2016 profit before interest and taxation (PBIT) soared 36 per cent to $179.2m. The strong performance was supported by Dairies, whose profit increased 72 per cent to $118.7min FY2016, powered mainly by lower input costs and improved operational efficiencies.