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ThaiBev Q3 profit doubles to 8b baht on share of Myanmar Brewery sale
THAI Beverage Public Co's net profit doubled to 8.0 billion baht (S$316 million) in the third quarter with a boost from Fraser & Neave's (F&N) sale of Myanmar Brewery.
On a per-share basis, ThaiBev's net earnings were 0.32 baht per share for the three months ended September. Net profit for the first nine months of the year grew 34 per cent to 20.4 billion baht, or 0.81 baht per share. Shares of ThaiBev closed flat at 68 Singapore cents on Thursday before the results were announced.
Revenue grew 3 per cent during the quarter to 36.5 billion baht, but higher cost of sales and services and higher operating expenses dragged net operating income to a 5 per cent decline, to 4.2 billion baht.
But ThaiBev associate F&N agreed to sell its stake in Myanmar Brewery to Japan's Kirin Holdings for US$560 million during the period, allowing ThaiBev to record a 3.8 billion baht gain for its share of sale's impact.
Revenue increased in all key beverage segments during the quarter, although food sales eased 5.7 per cent to 1.7 billion baht.