Published February 14, 2009

Asia Pac Breweries Q1 net up 13% to $48.3m

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ASIA Pacific Breweries (APB), a unit of Fraser and Neave (F&N), yesterday reported a net profit after exceptionals of $48.3 million for the first quarter ended Dec 31, 2008 - up 13.4 per cent from a year ago.

CHEERS Earnings per share after exceptionals rose to 18.7 cents from 16.5 cents

The increase was largely driven by a one-time gain of $3.5 million from selling a New Zealand unit, Liquorland Limited, as opposed to exceptional losses of $1.35 million a year ago.

Earnings per share after exceptionals rose to 18.7 cents from 16.5 cents. Excluding exceptionals, Q1 net profit remained relatively steady at $44.8 million, 1.9 per cent up year-on-year.

Group revenue rose 2.2 per cent from a year ago to $580.2 million, as APB increased beer prices in some markets and sale volumes went up. 'Amongst the best performing markets was Singapore,' said APB's CEO Roland Pirmez. He took on the role from Oct 1 last year after the former CEO of 15 years, Koh Poh Tiong, left to head F&N's food and beverage business.

Profit before interest and taxation (PBIT) for the Singapore market grew 63 per cent as sales volume rose and margins improved from price increases and lower overheads. APB's businesses in Malaysia and Papua New Guinea also enjoyed considerable PBIT increases.

Mr Pirmez expects the operating environment to remain challenging as the global financial crisis continues to unfold.

But he added: 'APB has a strong balance sheet and the group's business fundamentals remain sound . . . the group will keep reviewing investment plans in light of the current environment and invest selectively to support future growth and boost our competitiveness.'

APB shares ended trading yesterday at $10, up 10 cents.