---
title: "Higher tax drags F&N’s profit by 13% to $64m in Q1"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/275540270.md"
description: "Fraser & Neave, Limited (F&N) reported a 13.6% decline in profit after tax to $64.1 million for Q1 ending December 2025, attributed to an increased effective tax rate of 29.4%. Profit attributable to shareholders fell 8.9% to $47.4 million. Revenue also decreased by 4% to $592.9 million, impacted by festive timing effects and softer demand in certain markets, particularly in food and beverage sectors. Dairy revenue was affected by weaker demand in Indochina, while P&P's revenue rose 4% due to the Education segment."
datetime: "2026-02-11T02:26:12.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/275540270.md)
  - [en](https://longbridge.com/en/news/275540270.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/275540270.md)
---

# Higher tax drags F&N’s profit by 13% to $64m in Q1

**The effective tax rate increased to 29.4%.**

Fraser & Neave, Limited (F&N) reported its profit after tax declined by 13.6% to $64.1m in the first quarter, ended in December 2025, from $74.2m, as the effective tax rate increased to 29.4% from 10.8%.

Profit attributable to shareholders also fell 8.9% to $47.4m from $52.0m, according to the company’s voluntary business update.

The group also reported a 4% decline in revenue to $592.9m from $618.0m a year earlier.

“Group revenue was impacted by festive timing effects and softer demand in selected markets,” it said.

Food and beverage revenues declined by 5% as beverages were kmpacted by the timing of Chinese New Year and lower beer volume.

Dairy revenue also saw a weaker in Indochina demand, offset by the Malaysian school milk program and favourable forex translation.

Meanwhile, P&P’s revenue increased 4% due to the Education segment.

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