ThaiBev posts 7.7b baht net profit for Q1

THAI Beverage posted a profit of 7.7 billion baht (S$312 million) for the three-month period ended Dec 31, 2016, up 28 per cent from 6 billion baht in the previous year.

This was due to an increase in net profit of beer, F&N/FCL operating results, and a decrease in net loss of non-alcoholic beverages business.

Revenue went down 8 per cent to 46.8 billion baht, due to a decline in sales of the spirits business, beer segment, non-alcoholic beverages business and food business during the period of mourning for the death of the Thai king.

Sales revenue of international business in the first quarter ended Dec 31, 2016 decreased by 17.5 per cent. Beer sales revenue dropped mainly due to a slowdown in Asean sales despite positive growth in Singapore and Cambodia. International spirits business also reported revenue decline as a result of the sterling fluctuation due to the Brexit.

Earnings per share was 0.31 baht, a 29 per cent increase from 0.24 baht a year ago. Net asset value per share was also up 4 per cent to 4.97 baht year-on-year.

No dividend was declared for the quarter.