2011 Thai floods hit F&N's dairy profits

SINGAPORE: 2011 Thai floods hit Fraser and Neave's dairy profits: Singapore conglomerate Fraser and Neave has bo...

Singapore conglomerate Fraser and Neave has booked a drop in annual profits from its dairy business after production was hit by the floods in Thailand late last year. F&N, which is the subject of a takeover battle, reported its results for the year to 30 September and said earnings from dairy stood at S$26m, down from S$37m a year earlier. The company said its dairy operations in Thailand returned to full production in May after 200 days of disruption. Further north in Malaysia, F&N said the removal of a sugar subsidy for some food and beverage suppliers had put its local dairy business "at a cost disadvantage". However, excluding the impact of the Thai floods, profits from F&N's dairy business increased 67% to S$25m. F&N, which brews beer, manufactures soft drinks and owns property worldwide, has received two takeover bids. Last week, Overseas Union Enterprise (OUE), a Si...

Full article: http://www.just-food.com/news/2011-thai-floods-hit-fraser...