• Nine-month net profits up 36% to THB20.5bn (US$571m)
  • Sales climb 4% to THB121.2bn
  • Q3 net profits surge 120% to THB8bn
  • Sales up 3% to THB36.5bn
ThaiBevs beer business saw profits and sales climb

ThaiBev's beer business saw profits and sales climb

ThaiBev has posted a jump in nine-month net profits from the Q3 sale of its Myanmar beer business and a leap in beer volumes.

Net profits were up 36% to THB20.5bn (US$571m) in the nine months to the end of September, the Chang beer owner said yesterday. Sales climbed by 4% to THB121.2bn in the same period.

Q3, however, saw a 120% rise in net profits to THB8bn after ThaiBev booked a one-off THB3.8bn gain from the disposal of Myanmar Brewery Limited. 

ThaiBev subsidiary, Fraser & Neave was instructed to offload its stake in Myanmar Brewery late last year after an arbitration panel in Singapore ruled that Heineken's buy-out of Fraser & Neave from their JV - and initial Myanmar Brewery stakeholder - Asia Pacific Breweries brought the 55% holding into question. Japanese brewer Kirin Holdings announced in August that it was to buy Fraser & Neave's majority stake for US$560m

A surge in bottled water volumes (up 10%) helped drive ThaiBev's non-alcoholic sales up 6% in the nine-month period, however, net losses in the category widened by 18% to THB1.2bn because of a “significant increase” in advertising and promotion expenses and staff costs, ThaiBev said.

Beer volumes jumped by 5% to push up sales by 8% to THB27.4bn and net profits also increased, by 38% to THB730m. 

ThaiBev's international spirits unit was hit by currency fluctuations and economic problems in several markets including Russia, Ukraine and Venezuela. However, there was positive sales growth for core brands in the single malt, gin and Chinese spirits categories, ThaiBev said.

To read the company's full results, click here.