Fraser & Neave Holdings Bhd (F&N) reported a 14.11% decline in net profit for the first quarter ended December 31, 2023 (1Q24), amounting to RM170.74 million, attributed to one-off non-operating items.

These adjustments include an interim insurance claim, reversal of impairment loss, and relocation costs.

Despite this, quarterly revenue increased by 9.39% to RM1.33 billion, driven by F&B growth in Thailand and Malaysia, along with higher exports.

Operating profit declined by 6.9%, and compared to the previous quarter, net profit rose by 24.12%.

F&N did not declare any dividends for the quarter and expects volatility in the F&B industry for Malaysia and Thailand in FY2024.

F&N's shares closed 0.72% lower at RM27.70 on Wednesday, resulting in a market capitalization of RM10.16 billion.