Malaysia: Carlsberg Brewery Malaysia’s Q1 net profit up 19.9%
Carlsberg Brewery Malaysia Bhd kicked off the current financial year on a positive note, with its net profit up 19.9% to RM80.82 million in the first quarter ended March 31, 2018 (1QFY18) from RM67.39 million a year ago, the Edge Markets reported on May 17.
In a statement on May 17, the brewer attributed the strong quarterly results to better sales during the Chinese New Year festive period, continued growth of premium brands and higher profits from its associate company Lion Brewery (Ceylon) PLC (LBCP).
Carlsberg posted higher earnings per share of 26.43 sen in 1QFY18 compared with 22.04 sen in 1QFY17.
Quarterly revenue also grew 9.1% to RM548.47 million from RM502.64 million a year ago.
"The group adopted MFRS 15 as of Jan 1 without restating its prior year results. Had the group applied MFRS 15 for 1QFY17, revenue would have grown by 11.7% on a like-to-like basis," Carlsberg explained.
The group also declared a first interim dividend of 20 sen per share for the financial year ending Dec 31, 2018, payable on July 3. This represents a payout ratio of 75.7% of its consolidated net profit for 1QFY18.
On LBCP in Sri Lanka, Carlsberg said it registered a turnaround with a share of profit of RM5.6 million in 1QFY18 versus a share of loss of RM5.9 million in 1QFY17.
"This improvement was driven by the final settlement of the insurance compensation for the flood disaster that occurred in May 2016 and higher operational profits," it added.
On prospects, Carlsberg expects the macro economic environment and consumer sentiments to improve in Malaysia and remain stable in Singapore.
"In Singapore, the introduction of the European free trade agreement by mid-2018 will pose a further challenge from cheaper imports.
"In Malaysia, the more effective efforts by the Malaysian authorities to curb contraband beer is showing progress in the strengthening of the legitimate tax-paying beer market," it added.
Carlsberg managing director Lars Lehmann called on the Ministry of Finance and Royal Malaysian Customs Department to continue their efforts to fight contraband beer and strengthen the legitimate taxpaying part of the beer market in Malaysia and hence, the government’s revenue collection.
On its part, the group will be launching its football campaign for consumers to buy Carlsberg and enjoy its beers during the upcoming football matches.
"The Fund the Journey efficiency initiatives will continue in 2018 and together hopefully deliver another satisfactory business performance," it said.
As of closing on May 17, Carlsberg’s share price was up by 0.72% or 14 sen to RM19.62 with about 148,900 shares traded, giving it a market capitalisation of RM6.04 billion.
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