THAILAND: Q3 jump fails to halt lower profits at ThaiBev

By | 15 November 2006

Brewing and distilling giant Thai Beverage has posted rising profits for the third quarter of the year - but the jump has failed to arrest a fall in earnings for the year so far.

Thai Beverage, the maker of brands including Chang Beer and Mekhong whisky, saw profits for the three-month period rise by 5.5% to THB2.3bn (US$62.9m).

However, the company said that profits for the first nine months of the year - which stand at THB7.4bn - were a "slight decrease" on the same period in 2005. The company, which produces SangSom Gold Medallion rum, pointed to rising raw material costs, particularly for molasses and fuel.

The company's executive vice president, Thapana Sirivadhanabhakdi, said it had seen a "slight increase" in revenues during the third quarter, reaching THB20.7bn. Sales were boosted by growing demand for Hong Thong whisky and Archa beer.

Last month, the company paid US$40.8m for Pacific Spirits UK, the owner of Scotch whisky producer Inver House Distillers. Founded in 1964, Inver House was the subject of a management buyout in 1988 and was sold in 2001 to Pacific. The distiller produces whisky brands including Old Pulteney single malt, and saw sales rise 8% in 2005.

Sectors: Beer & cider, Spirits

Companies: Thai Beverage, Inver House Distillers

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THAILAND: Q3 jump fails to halt lower profits at ThaiBev

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