Thai Beverage's half-year profit slips on beer unit weakness (updated)

Thai Beverage Public

11/05/2023 16:01

(Updates with background, context)
       May 11 (Reuters) - Singapore-listed Thai Beverage
 TBEV.SI  on Thursday posted a 1.2% decline in first-half
profit, as weakness in its beer and non-alcoholic beverages
segment offset the higher earnings from the spirits business.
    The company, one of Southeast Asia's largest drinks makers,
said an increase in raw material and packaging costs weighed on
the profit from the beer business. 
    The beverage maker posted profit attributable of 16.12
billion baht  ($476.22 million) for the six months ended March
31, compared with 16.32 billion baht a year earlier.  
        The group's sales revenue rose to 148.30 billion baht
from 142.94 billion baht a year earlier. 
  
        "The spirits business demonstrated resilience by
delivering an increase in net profit, while beer and NAB
(non-alcoholic beverages) businesses reported a decline due to
cost-push and brand investment," the company said in a filing. 
  
        Spirits contributed 65.16 billion baht to the overall
revenue, and beer 26.50 billion baht, turning the highest
revenue generators.
  
        The firm, chaired by Thai business magnate Charoen
Sirivadhanabhakdi, also declared an interim dividend of 0.15
baht per share, in line with last year. 
  
    
($1 = 33.8500 baht)

    

 (Reporting by Rishav Chatterjee and Nausheen Thusoo in
Bengaluru; Editing by Shweta Agarwal and Dhanya Ann Thoppil)
 ((Rishav.Chatterjee@thomsonreuters.com;))