THAILAND: ThaiBev profits improve in Q3
- Profits up in Q3, beer still in red
- Chang beer demand strong
- Group sales up by 27%
Thirst for Chang beer strong in UK, US
Thai Public Beverage Co has reported a rise in profits for the third quarter of 2010, but its beer division remains in the red.
Net profits for the three months to the end of September increased by around 19% to THB2.2bn (US$74m), Thai Public Beverage Co (ThaiBev) said today (12 November). Lower interest payments inflated headline earnings, with the drinks group's earnings before interest, tax, depreciation and amortisation (EBITDA) up by just 2% on the same quarter of 2009.
The third quarter performance helped to reduce the effects of a tough first half of 2010, although the company's net profits for the first nine months of the year were still down by 5%, at THB7.3bn.
Beer has been the main drag on ThaiBev's earnings in the last 18 months. The division was THB293m in the red in the third quarter of 2010, although this compared to losses of THB639m in the same period of 2009.
On the sales side, strong consumer demand for Chang beer in the US, UK and across Asia helped ThaiBev to report beer sales up by 71% to THB7.8bn for the quarter.
All business divisions contributed to a 26.5% increase in ThaiBev's net sales for the three months, to THB27.3bn. Spirits, by far the largest division, saw sales rise by 12.5% for the quarter, to THB16.7bn. Non-alcoholic drinks and food each reported sales rises of 31%.
For the first nine months of the year, ThaiBev's net sales increased by 14% to THB86.7bn.
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