Thailand & Singapore: ThaiBev reports higher overall net profit but beer business performance disappoints
Thai Beverage Public Company Limited's (ThaiBev) net profit for 2017 hit $1.44 bln (THB34.68 bon), an increase of 38.5% or $401.11 mln (THB9.65b) from $1.04 bln (THB25.03 bln) of last year, the Yahoo Finance reported on January 11.
According to its annual report, this was due to an increase in net profit of spirits business of 2.1%, food business of 18.2%, and Fraser & Neave (F&N) and Frasers Centrepoint Limited (FCL) of 265.2%, and a decrease in net loss of non-alcoholic business of 45.5%, albeit there was a decrease in net profit of beer business of 4.1%.
Net profit excluding F&N and FCL hit $948.02 mln (THB22.8 bln), up 4.7% from $905.61 mln (THB21.78 bln) in 2016.
However, ThaiBev's sales fell by $1.5 mln (THB36 mln) or 0.02% to $7.9 bln (THB190 bln), due to weaker sales in its beer business, which fell 4.7%.
Sales of non-alcoholic beverages also dipped 0.9%, albeit there was an increase in sales of spirits business of 2.6% and food business of 1.5%.
ThaiBev changed their fiscal year from 1 January to 31 December to 1 October to 30 September.
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