ThaiBev's Q3 profit jumps 162% on fair valuation gains

THAI Beverage's (ThaiBev) net profit for the third quarter ended June 30 soared 162 per cent year on year to 15.23 billion baht (S$625 million), boosted by the recognition of fair valuation gains on financial assets.

Fair valuation gains on financial assets worked out to nearly 8.5 billion baht. In comparison, there was no such gain in the corresponding quarter a year ago.

Revenue was flat at 45.28 billion baht, on the back of weaker sales of beer, non-alcoholic beverages and food due to the mourning period in Thailand. However, its spirits business increased by 4.5 per cent.

Earnings per share rose to 0.61 baht, up from 0.23 baht a year ago.