SINGAPORE: APB up in H1, set for flat full-year
Asia Pacific Breweries has posted sales rises for H1, but has warned that net earnings for the full-year should come in flat.
The brewer announced today (11 May) that group revenue for the first six months to 31 March rose by 14% year-on-year to SGD925.7m (US$609.6m). Attributable net profit before exceptional items achieved organic growth of around 9% to SGD84.6m, although, due to gestation and net translation losses, proft came in at SGD79.2m, which was still 2% higher than the SGD77.9m achieved for the previous year.
"As expected, PBIT and attributable profit before exceptional items for the six-month period under review grew only at single-digit rates," said Koh Poh Tiong, APB's CEO. "This was due partly to the gestation losses which have been incurred by our recent acquisitions and new start-up breweries. However, fundamentally, the business remains sound, as shown by the stronger organic profit growth rates achieved.
"APB must continue to be an expansionist company where we will continue to invest for future growth although short-term results could be affected."
Separately, the company said it will up its brewery count in China to eight through the construction of another brewery, in Foshan in Guangdong province. Further details were not disclosed, but the facility should be operable next year. APB is also set to open new breweries in Mongolia, Laos and India in the coming months. The company noted that investment costs stemming from the new facilities are expected to lead to net earnings for the current financial year coming in at about the same level as last year.
Dutch brewing giant Heineken owns a 42% stake in APB, its partner in making headway into emerging markets.
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