THAILAND: ThaiBev in high spirits as Q1 profits soar
- Q1 net profits soar 46.4% to THB4.3bn (US$173.5m)
- Net sales rise 30.9% to THB40.6bn
- Operating profits up 36% to THB5.6bn
- Spirit sales up 57% by value; international business sales growth of 35.3%, helped by Scotch whisky and Chang Beer
Beer sales were up, but net profit from the segment fell
ThaiBev has reported a major jump in profits during the first quarter of 2012, driven by a strong performance from its spirits business and the acquisition of drinks bottler Serm Suk.
Net profits in the three months to the end of March leapt by 46.4% year-on-year to THB4.3bn (US$173.5m), while sales were up 30.9% to THB40.6bn, the company announced last week. Operating profits were up 36% to THB5.6bn.
An impressive performance by its spirits business, delivering 57% sales growth and a 11.3% jump in volumes to 147m litres, boosted the overall results. The company said the “robust growth” was due to “the increase of sale volumes of both brown and white spirits”.
ThaiBev's soft drinks sales jumped 342.7% year-on-year, mainly due to the consolidation of Serm Suk last October, the company said. However, sales of soft drinks, aside from the Serm Suk business, dropped by 10.8% due to a drop in sales of Oishi beverages after flooding in Thailand late last year.
The company's beer business saw sales growth of 8.7% year-on-year, due to an increase in volumes of 6.7%. However, net profits from beer fell 2.3%.
The company's export business performed well with sales growth of 35.3%. In the US, sales grew by 28%, mainly due to the performance of Scotch whisky. While in south-east Asia, sales value of Chang beer rose 140%.
To view the full results announcement, click here.
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