Thai Beverage logs rise in nine-month profit over lower costs, brand spending (updated)
UPDATE 1-Thai Beverage logs rise in nine-month profit over lower costs, brand spending Updates with further details on results in paragraphs 3-5
Aug 13 (Reuters) - Singapore-listed Thai Beverage TBEV.SI (ThaiBev) posted a 7.2% rise in nine-month operating earnings on Thursday, helped by growth across all businesses on the back of effective brand investment and marketing activities.
The company, which brews the popular Chang beer, reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 48.29 billion baht ($1.46 billion) for the nine months ended June 30, up from 45.03 billion baht a year earlier.
ThaiBev's sales revenue for the nine months ended June 30 came in at 254.04 billion baht, compared with 258.62 billion baht a year earlier, impacted by unfavorable foreign exchange translation effects and a slight slowdown in the Thai market.
Tourism, a key driver of Southeast Asia's second-largest economy, is slowing, with foreign arrivals down 3.19% from a year earlier at 18.51 million in the January 1-August 1 period.
The spirits business, the company's biggest profit contributor, logged a 6.6% increase in nine-month operating profit, aided by favourable raw material costs.
($1 = 33.1400 baht)
(Reporting by Shivangi Lahiri and Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu and Maju Samuel)
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Thai Beverage logs rise in nine-month profit over lower costs, brand spending (updated)
Thai Beverage logs over 7% rise in nine-month profit