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Wednesday, February 22, 2017

Carlsberg net profit at RM204.9mil in FY16

Wednesday, 22 February 2017


The brewer reported a 1.2% increase in revenue to RM1.68bil for the year. This was mainly driven by higher export sales and a price increase in the domestic market last year despite lower sales in subsidiary Carlsberg Singapore Pte Ltd (CSPL), it said.

PETALING JAYA: Carlsberg Brewery Malaysia Bhd posted a net profit of RM204.9mil for the financial year ended Dec 31, 2016, a 5% drop from the previous year, as it took a share of loss of RM5.1mil from associate company Lion Brewery (Ceylon) PLC (LBCP).

LBCP stopped production for seven months due to floods in Sri Lanka.

Adjusted for that share of loss, the group’s underlying net profit grew 5.1% to RM210mil (2015: RM199.8mil after adjusting for a share of profit from LBCP), Carlsberg said in a statement.

The brewer reported a 1.2% increase in revenue to RM1.68bil for the year. This was mainly driven by higher export sales and a price increase in the domestic market last year despite lower sales in subsidiary Carlsberg Singapore Pte Ltd (CSPL), it said.


For the fourth quarter ended Dec 31, 2016, net profit fell to RM47.07mil from RM74.48mil a year earlier due to lower contribution from its Singapore operation and an RM3.2mil share of loss arising from the Sri Lankan floods.

In its filing with Bursa Malaysia, Carlsberg explained that its Singapore operation’s operating profit fell by RM13.1mil or 34.5% due to lower export sales and higher sales and marketing expenses in the fourth quarter, as well as a one-off gain from brand incentive received in the same quarter last year.

Nonetheless, the Malaysian operations’ total revenue and operating profits improved in the fourth quarter by 5.6% and 12.9%, respectively, compared with the same period in 2015.

The better revenue was due to higher export sales and a price increase in response to a duty hike in March 2016, while operating profits rose by RM7mil due to the higher revenue and more efficient spending on sales and marketing, it said.

The board of directors have proposed a final and special dividend of 67 sen per share to be paid on May 19, the same as the final and special dividend given for financial year 2015.

Combined with an interim dividend of five sen per share paid on Oct 7, 2016, the total declared and proposed dividends for the 12 months ended Dec 31, 2016 amounted to 72 sen per share.

“This maintains the dividend payment for 2015 and represents 104% of the 2016 profit after tax,” the brewer said.

Carlsberg Malaysia managing director Lars Lehmann noted that 2016 was a difficult year for the group.

“Our results were severely impacted by the floods in Sri Lanka and the decline of our strong beer after the excise duty increase in Malaysia, as well as lower sales in CSPL and a one-off gain from brand incentive received last year,” he said.

“On the positive front, we are proud of the strong growth of Carlsberg Smooth Draught as well as our premium brands Somersby cider, Kronenbourg 1664 Blanc, Asahi Super Dry and Connor’s Stout Porter.

“Against the challenging conditions, we are pleased to achieve a modest organic growth for the group and continue to deliver shareholder returns with a total declared and proposed dividend payment of 72 sen per ordinary share for year 2016.”

Carlsberg said the market is expected to remain challenging this year.

“Nevertheless, the group is confident of meeting the challenges and delivering a satisfactory performance,” it said.


Read more at http://www.thestar.com.my/business/business-news/2017/02/22/carlsberg-net-profit-at-rm2049mil-in-fy16/#FibdHQLmIfQMMI3j.99

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