Asia Pacific Breweries profit inches up 8.4% to $313.95m

But attributable net profit decreased 12%.

In a release, financial results for the quarter ended 30 June 2012 showed that APB's profit before interest, taxation and exceptional items at $171.9 million registered an increase of $34.3 million or 25% over last year. Excluding translation differences, the impact of acquisition and gestation loss from Guangzhou greenfield brewery last year, organic PBIT grew by 19%.

Gross profit for 3Q was registered at $313,952m as compared to the same period last year at $289,647m.

Attributable net profit before exceptional items increased by $24.2 million or 36% to $91.1 million. Excluding translation differences, the impact of the Transaction and gestation loss last year, organic APBE increased by 29%.

Attributable net profit after exceptional items decreased $12.0 million or 12% to $91.1 million. This decrease was mainly due to an exceptional gain of $36.2 million recognised in last year‟s third quarter arising from the sale of Kingway Brewery Holdings Limited by a joint venture company.

On 11 July 2012, the Company announced that it had entered into a conditional share acquisition agreement with Grandkhaan Holdings Limited and its controlling shareholder to acquire from GKHL 27,516,387 representing 51% of the fully paid ordinary shares in Mongolian Beverages Company Pte Ltd, which is an investment holding company with an initial share capital of $100 as at the date of the announcement. Subsequently on 3 August 2012, the Company announced the completion of the acquisition and the remaining 26,437,313 ordinary shares of the Joint Venture Company have been retained by GKHL.

On 7 August 2012, the Company announced for information that F&NL had received an unsolicited offer to acquire their direct interest in the Company comprising 18,753,887 ordinary shares at the price of $55 for each ordinary share in the Company. F&N Board will review and evaluate the Offer.

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