FNN

FNN: According to a report by DB, FNN recorded FY13 net profit of $5.4b compared with $837.5m last year, boosted by a $4.8b gain from the disposal of Asia Pacific Investment (APIPL) on 15 Nov '12. Excluding the gain, operating profit before tax surged 45.4% to $786.2m. The group proposed a final dividend of 12¢/share, brings total dividend for the year to 15.5¢- lower than the 18¢ in FY2012. following the loss of contribution from APB and the capital reduction of $3.28/share. Revenue was up 22% to $4.3b mainly from a 57% surge in development property to $1.7b due to revenue recognition on Esparina Residences in Singapore, Suzhou Baitang Phase 2A project in China and One Central Park West project in Sydney Australia, and higher sales of completed units in the UK, China and Thailand. The only dampener came from lower printing and publishing revenue (-5%) from closures of loss making businesses. DB maintain its Hold rating and $6.51 TP, with the corporate restructuring and claim on Myanmar Breweries as an overhang.