♦ Singapore: Cash well spent. 1H FY12/10 results appear to justify Carlsberg’s decision to utilise its cash last year to purchase Carlsberg Singapore Pte Ltd (CSPL). For the 1H, CSPL contributed RM28.7m to PBT, on the back of RM136m contribution to turnover translating to PBT margin of 20.7%. This is 10.1%-pts higher than Carlsberg’s PBT margin excluding CSPL. The reason for CSPL’s higher margin was mainly due to the lower excise duty in Singapore. The better margin from Singapore was further boosted by cost-saving synergies arising from Carlsberg’s manufacturing contract for CSPL. We note that CSPL’s earnings were in line with management’s expectations at the point of acquisition.
Carlsberg Brewery Berhad : Focus On Premium Segment Going Forward - 20/08/2010
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