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ThaiBev Q1 net profit more than doubles to 7.4b baht

THAI Beverage (ThaiBev)'s net profit for the first quarter ended Dec 31 more than doubled to 7.42 billion baht (S$0.32 billion) on higher revenue and the absence of non-recurring expenses.

Revenue rose 60 per cent to 72.6 billion baht mainly due to an increase in sales in the spirits business of 29 per cent and beer business of 129 per cent.

Bottom line was also lifted by the absence of costs relating to business acquisition. In Q1 of the previous financial year, the group completed acquisitions of 252 existing KFC stores in Thailand and a 53.59 per cent shareholding interest in Sabeco, a company incorporated in Vietnam that operates mainly in the beer business. This resulted in non-recurring expenses totalling 2.46 billion baht.

Share of profit of investment in associates and joint ventures, net of income tax, soared to 1.72 billion baht from 828.1 million baht. But finance costs jumped to 1.77 billion baht from 317.5 million baht due mainly to finance costs incurred by the beer business.

Earnings per share was 0.30 baht, up from 0.12 baht a year ago.

The counter closed at S$0.72, down S$0.005 before results were released.