Thai Beverage said yesterday (14 May) that a fall in its beer sales as well as increased costs had led it to report a drop in net profits in its first quarter.

Net profit fell 8.6% year on year to THB2.6 billion (US$80 million). Beer sales fell 4.0% to THB11.9 billion from THB12.4 billion. Net profit from its beer business fell 13% to THB762m.

However, sales revenues at its spirits business rose 6.3% on year to THB14.4 billion from THB13.6 billion after it increased sales prices to cover tax increases.