SINGAPORE (Feb 14): Thai Beverage (ThaiBev) recorded earnings of 7.42 billion baht ($320.8 million) for the 1Q19 ended December, more than doubling from 2.96 billion baht a year ago.
Total revenue jumped 59.7% to 72.63 billion baht in 1Q19, from 45.48 billion baht a year ago.
Spirits revenue grew 28.6% to 31.68 billion baht during the quarter, largely due to increasing consumer purchasing power and the comparison against a low base in 1Q18, during which sales agents reduced purchase orders on the back of an excise tax hike.
Beer revenue surged 128.6% to 33.00 billion baht in 1Q19, driven by higher sales volumes, which more than trebled on the inclusion of Sabeco. Excluding Sabeco’s sale, the sales volume recorded by the company’s beer business improved 7.8%, in line with the increase in consumer purchasing power.
Share of profit of investment in associates and joint ventures doubled to 1.72 billion baht in 1Q19, from 828.1 million baht a year ago.
ThaiBev also saw its bottomline helped by the absence of a one-off cost of 2.46 billion baht incurred a year ago relating to a business acquisition.
Earnings per share jumped to 0.30 baht for 1Q19, from 0.12 baht a year ago.
Shares in ThaiBev closed half a cent lower at 72 cents on Thursday.
