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ThaiBev Q2 profit down 3.2%

THAI Beverage's (ThaiBev) profit in its second fiscal quarter in 2018 fell by 3.2 per cent to 6.34 billion baht (S$265.04 million) from 6.56 billion baht in the previous corresponding period.

This was due to a decrease in profit for its beer business, an increase in attributable loss for its non-alcoholic beverages business, and a non-recurring expense related to its 75 per cent acquisition of Havi Logistics, which operates logistics businesses for food services in Thailand.

Earnings per share was similarly down 4 per cent from the year-ago period to 0.25 baht.

The group declared an interim dividend per share of 0.15 baht, to be paid on June 14.

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ThaiBev's beer business recorded 74.4 per cent higher sales revenue of 27.08 billion baht in the second fiscal quarter, due to an increase in sales volumes largely contributed to by Sabeco.

Excluding Sabeco, however, its beer sales volume fell 10.3 per cent as a result of the stagnant economy and low consumer purchasing power.

Earnings before interest, tax, depreciation and amortisation (Ebitda) for the quarter was 11.9 billion baht, a 28.2 per cent increase from 9.28 billion baht in the corresponding period of last year.

Excluding its stake in Fraser & Neave/Frasers Property Limited, Ebitda was 11.34 billion baht, an increase of 29 per cent or 2.55 billion baht.

Excluding a non-recurring expense related to its Havi acquisition, Ebitda was up by 28.2 per cent to 11.9 billion baht.

The group clocked a 34 per cent rise in total sales revenue for the three months ended March 31 to 67.6 billion baht.

For first fiscal half of 2018 - ended March 31 - ThaiBev booked a 35 per cent rise in profit attributable to company owners to 9.26 billion baht, on the back of a 16 per cent rise in total sales and services revenue of 113.21 billion baht.

ThaiBev noted that Thailand's 2 per cent excise tax on liquor to support the nation's Elderly Fund was "marginal".

Its counter ended Tuesday trading at 80 Singapore cents, down 0.62 per cent or 0.5 Singapore cent.