FRASER and Neave (F&N) has reported a 17.5 per cent drop in full-year net profit to $359.5 million, after a fair value loss of $123 million on its investment properties. Revenue rose 6.9 per cent to $5.33 billion.

Excluding the fair value adjustment and other exceptional items, net profit was up 25 per cent at $466.5 million, thanks largely to strong property sales and healthy patronage by beer drinkers.

Revenue from development property rose 27 per cent to $1.5 billion. It achieved record sales of more than 1,800 residential units, a five-fold rise over last year.

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