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SINGAPORE: APB Q3 boosted by international sales

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Asia Pacific Breweries (APB) was boosted by international operations to continue the positive momentum it saw in its first half to post a 14% increase in profit before tax in its nine-month figures.

Group profit before interest, taxation and exceptional items reached S$175.5m. Attributable net profit (before exceptional items) also increased by 11% to S$92.8m.

Koh Poh Tiong, CEO, said: "The strong performance of the group is driven mainly by operations outside Singapore. Our breweries continued to show strong volume growth especially in China, Indochina, New Zealand, Papua New Guinea and Thailand.  Today, more than 80% of our earnings come from overseas markets, thereby widening our earnings base. The results attest to the strength of our brands in the beer industry."

In the third quarter, group profit before interest, taxation and exceptional items (PBIT) rose 25% to S$47.3m. Attributable profit (before exceptional items) also increased by 11% to S$21.6m.

"All markets, except Singapore, registered gains in volume. China reported the largest volume growth of over 50%. Overall, China turned in a profit for this quarter instead of a loss recorded in the same quarter last year. The positive performance was attributed to the profit contributions from the Shanghai and Hainan operations as well as investments in Kingway Brewery Holdings Limited and maiden contribution from Jiangsu DaFuHao Breweries Co, Ltd," said Koh.

Indochina, the traditional stronghold of APB, registered the highest growth rate of 65% in PBIT and a 26% growth in volume. New Zealand is second with a PBIT growth of 51% due mainly to improved sales mix, price increases and a stronger New Zealand dollar. Coming in third is Papua New Guinea with a growth of 46% in PBIT and 17% in volume, fuelled by strong consumer demand.

In  Singapore volumes fell by 7% as a result of increased competition in the domestic market and decline in export sales.  In spite of the lower volumes, PBIT improved by 7% due to effective cost management.


Sectors: Beer & cider

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