KUALA LUMPUR (Aug 2): Fraser & Neave Holdings Bhd (F&N) said third quarter net profit jumped 51% to RM104.5 million, from RM69.37 million a year earlier, thanks to positive contributions from Malaysia and Thailand.

The group said earnings per share for the quarter ended June 30, 2018 (3QFY18) rose to 28.5 sen, from 18.9 sen previously.

Revenue however was slightly lower by 1% to RM1.03 billion, from RM1.04 billion in 3QFY17.

In a filing with Bursa Malaysia, F&N said operating profit for its Malaysian food and beverage segment shot up by 102.8%, due to cost savings.

In Thailand, operating profit improved by 11.4%, thanks to favourable input and packaging material costs, despite a slight revenue decline due to price competition.

F&N said cumulative net profit for the first three quarters remained flat at RM303.89 million (9MFY18), against RM303.73 million in the previous October-June period. Revenue decreased slightly to RM3.11 billion, from RM3.13 billion in 9MFY17.

Moving forward, the group said the business environment in Thailand is expected to remain challenging, with an intensifying competitive price pressure.

“In Malaysia, the management will monitor the impact of the reintroduction of the sales and services tax on Sept 1, 2018, on the pricing of the products,” the filing added.

F&N’s shares closed unchanged at RM37.4 today, for a market capitalisation of RM13.75 billion.