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Shares of Fraser & Neave Holdings (F&N) came under selling pressure yesterday following its slightly below expectation earnings for the third quarter ended June 30.
The counter fell 42 sen, or 1.69 per cent to RM24.40 in morning trading.
MIDF Research said F&N latest quarterly financial results came in slightly below expectation.
F&N’s earnings for third quarter of FY2017 came in lower by 25.9 per cent year-on-year to RM69.4 million. 
Consequently, the cumulative RM9 million earnings of RM303.7 million accounted for 76 per cent and 75 per cent of the research house’s consensus full year earnings forecast respectively. 
“This is slightly below expectation as historically in the past three years, the cumulative nine months earnings accounted for an average of 81 per cent of full year earnings,” MIDF said. 
The research house said F&B Malaysia revenue decreased by 14.0 per cent year-on-year to RM592.5 million impacted by the continuing weak consumer sentiment during the Hari Raya festive season coupled with intense pricing pressure from competitors. 
However, the positive growth from the F&B Malaysia exports mitigated the decline in domestic sales. 
Nevertheless, the operating profit declined by 61.3 per cent year-on-year to RM 24.2 million due to higher input costs, particularly sugar, and restructuring costs. – The Star

PTT PLANS TO BOOST CAMBODIAN PRESENCE 

PTT (Cambodia) Ltd, a subsidiary of Thailand’s state-owned energy firm PTT Plc, plans to expand its presence in Cambodia, opening new service stations, convenience stores and food and beverage outlets, a company executive said yesterday.
Speaking at the inauguration of the company’s new head office yesterday, Suthon Choothian, managing director of PTT Cambodia, said PTT has expanded steadily and diversified its operations since first entering the Cambodian market in 2000.
“In 2000, we mainly focused on petroleum distribution,” Suthon said. 
“Now, PTT Cambodia is operating three petroleum storage depots for airline refuelling services, 35 petrol stations nationwide, 50 Cafe Amazon outlets for coffee, and 13 Jiffy Marts to answer the growing demand of the Cambodian people.” - The Phnom Penh Post

APISAK BACKS PRIVATE|HEALTHCARE INITIATIVE

Finance Minister Apisak Tantivorawong said yesterday that he supported the idea of a tax reduction for health insurance premiums paid by policyholders. 
The tax allowance would increase the role of the private in public healthcare service and reduce the cost of the universal healthcare programme. It will also offer consumers alternative healthcare treatment and medications and medical check-ups, Apisak said. 
The Revenue Department is currently studying pros and cons of the proposal made by Thai Life Assurance Association.