S'pore beverages group profit up<\/p>\n
SINGAPORE (AFP): Singapore's leading food and beverage
\nmanufacturer, the Fraser and Neave group, recorded a net profit
\nof S$43 million (US$28 million) for the half-year ending March
\n31, officials said.<\/p>\n
The company, also involved in property and brewing, said in a
\nstatement issued late Friday that this was 6.9 percent higher
\nthan the profits for the corresponding period of the previous
\nyear.<\/p>\n
It attributed its good performance to the group's property
\narm, Centrepoint Properties, which raked in a pre-tax
\ndevelopment profit of S$15.3 million from the sale of condominium
\nunits.<\/p>\n
However its other assosiate, Asia-Pacific Breweries, saw a 3.1
\npercent fall in its net profit to 40.7 million Singapore dollars
\ndue to regional developments and higher taxes in Singapore.<\/p>\n
Asia Pacific Breweries recently set up a plant in Vietnam and
\nbegan operations about three months ago. Its main business, the
\nproduction of soft drinks, saw a static performance with a pre-
\ntax profit of 12.6 million Singapore dollars, the statement said.<\/p>\n
It added that start-up costs for a soft-drinks plant in
\nCambodia was one of the factors for the static profits although
\nits trading performance there was improving.<\/p>\n
It said that soft-drinks operating profits in Singapore and
\nMalaysia were improving but in Malaysia the gains were dampened
\nby pressure on margins and the weak Malaysian currency, the
\nringgit.<\/p>",
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