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Fraser & Neave fiscal Q1 profit climbs 5.0% YOY

Fraser & Neave Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was 2 Singapore cents per share, an increase from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$24.2 million, a gain of 5.0% from S$23.1 million in the year-earlier period.

The normalized profit margin declined to 2.3% from 3.9% in the year-earlier period.

Total revenue climbed 9.7% year over year to S$655.0 million from S$597.0 million, and total operating expenses increased 9.4% year over year to S$578.8 million from S$529.2 million.

Reported net income decreased on an annual basis to S$35.1 million, or 2 cents per share, from S$36.0 million, or 2 cents per share.

As of Feb. 12, US$1 was equivalent to S$1.36.