Thailand & Vietnam: ThaiBev’s Q3 profit plunges by 61%
Crippling market conditions continued to weigh in on ThaiBev after profit plunged by 61% YoY to $247.72 mln (THB5.99 bln) in Q3, according to its financial statement.
Earnings in the spirit business fell 15.6% to $166.09 mln (THB4,016 mln) on the back of lower sales revenue.
ThaiBev’s earnings from the non-alcoholic beverages segment also crashed 33% to $11.82 mln (THB$286 mln). The company’s food business segment also posted flat earnings at $1.32 mln (THB32 mln).
Profit from its stake in Fraser & Neave and Frasers Property also plummeted by 80.9%.
The company was also hit by the lack of a recognition of a fair value gain on a financial asset of $351.34 mln (THB8.5 bln) in Q3.
However, ThaiBev’s beer business performed strongly on the back of stronger Sabeco beer sales with profits surging 66% YoY to $41.58 mln (THB1,006 mln).
“International beer sales revenue soared on account of Sabeco’s beer sales, which has been consolidated into the company’s earnings since the last reporting quarter,” the company added in its report.
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