Thai Beverage's first-quarter revenue falls as economic woes bite (updated)

Thai Beverage Public

14/02/2024 10:42

(Updates with further details on results)
       Feb 14 (Reuters) - Singapore-listed Thai Beverage
(ThaiBev)  TBEV.SI  on Wednesday posted a 5.9% drop in
first-quarter revenue from sales, as the company's beer-making
division took a hit amid macroeconomic challenges. 
    The company said its beer-making division operated under the
cusps of a slower-than-expected economic recovery in Thailand
and Vietnam, leading to a 15% decline in volumes in the unit. 
        ThaiBev's beer business generated sales revenue of 32.62
billion baht ($902.10 million), down 14% from a year earlier,
while the spirits business' revenue from sales rose 0.5% to
33.88 billion baht.
  
        The beverage maker posted earnings before interest, tax,
depreciation, and amortization (EBITDA) of 13.79 billion baht
for the quarter, compared with 13.53 billion baht reported a
year earlier.
  
        The Chang lager maker's sales revenue came in at 76.11
billion baht ($2.10 billion) for the quarter ended December 31,
compared with an 80.90 billion baht reported a year earlier.

($1 = 36.1600 baht)

 (Reporting by Roushni Nair in Bengaluru; Editing by Shweta
Agarwal)
 ((Roushni.Nair@thomsonreuters.com;))