SINGAPORE: Asia Pacific Breweries warns of slowing demand as year-so-far figures head north
- Net profits in nine months to end of June leap by 34% to SGD377.8m (US$311.2m)
- Operating profits rise by 24.5% to SGD455.9m
- Sales up by 19.8% to SGD2.24bn
- Warns that economic uncertainties may "dampen consumer demand"
Asia Pacific Breweries released its Q3 results today
Asia Pacific Breweries has posted a healthy set of numbers for its fiscal year so far, but warned of economic pitfalls on the road ahead.
For the nine months to the end of June, the company, jointly-owned by Fraser & Neave and Heineken, posted a 34% leap in net profits, which totalled SGD377.8m (US$311.2m). Operating profits followed suit, climbing by 24.5% to SGD455.9m, while sales also increased, by 19.8% to SGD2.24bn, APB said today (11 August).
Company CEO Roland Pirmez credited "stronger demand for our brands in Vietnam, Papua New Guinea and New Caledonia" during the period. APB also recorded an exceptional income of SGD36.3m following the divestment of its stake in China's Kingway Brewery earlier this year.
For the brewer's third quarter, net profits rose by 27.8% to SGD130.4m, with operating profits increased less impressively, by 7.1% to SGD131.2m. Sales were up in the three-month period by 13.2% to SGD712.1m.
While APB's regional performance throughout the year so far performed well - South & South East Asia volumes increased by 25%, Indochina volumes were up by 18% in year-to-date - the North Asia region of China and Mongolia bucked the trend. The Kingway sale, higher overheads and "lower sales from unfavourable weather conditions" were seen to hamper the region's results.
To view the company's official release, click here.
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