No thanks to lower retail orders.
Fraser and Neave suffered another headache with its printing and publishing business after it continued recorded revenue declines in the first quarter.
According to DBS, the segment posted a 4.5% YoY decline in revenue to $66m, due to lower retail orders in Book and Magazine distribution, coupled with higher market returns.
"PBIT for the segment posted a lower losses of $5.6m, vis-à-vis loss of $6.5m last year due to improved efficiencies and cost control," DBS said.
But this was offset by the group's strong dairies segment, with gains surging by 41.7% to S$39.8m due to lower commodity costs.
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