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Fraser & Neave fiscal Q2 profit falls YOY

Fraser & Neave Ltd. said its normalized net income for the fiscal second quarter ended March 31 was 1 Singapore cents per share, a decrease of 33.7% from 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$16.3 million, a decline of 30.7% from S$23.5 million in the prior-year period.

The normalized profit margin fell to 0.9% from 4.0% in the year-earlier period.

Total revenue grew on an annual basis to S$608.3 million from S$589.4 million, and total operating expenses increased year over year to S$543.9 million from S$534.5 million.

Reported net income fell 24.0% year over year to S$26.1 million, or 2 cents per share, from S$34.3 million, or 2 cents per share.

As of May 7, US$1 was equivalent to S$1.33.