SINGAPORE: ThaiBev sees rise in Q1 profits
Thai Beverage has reported a lift in its first-quarter revenue due to higher beer sales.
Speaking today (14 May), the Singapore-listed company, which owns Chang beer and Sangsom rum, said net profit climbed 13% for the first three months of this year, despite a recent clampdown on alcohol advertising in Thailand.
ThaiBev's Q1 net profit rose to THB2.88bn (US$87.6m) from THB2.54bn a year earlier. Total revenue rose 11% to THB25.96bn from THB23.3bn.
A company spokesperson said that, although the competitive environment in the Thai beer and spirits market hasn't changed significantly, the impact of a proposed alcohol-control law remains uncertain.
Last month, the brewer and distiller said it is looking to buy Anhui Gujing Group, a Chinese spirits producer. The company posted a bid at the end of March for Anhui of around US$1.26bn.
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