Vietnam: Sabeco's first-half post-tax profit falls 31% yoy
Vietnams largest brewer Sabeco saw its H1 post-tax profit fall 31 percent year-on-year to VND1.93 trillion ($83 million) over Covid-19 pandemic impacts, VnExpress reported on July 30.
Revenues fell 35 percent to VND12 trillion ($518 million), 89 percent of it from beer and the rest from wine and other beverages.
The company, owned by Thai beverage giant ThaiBev, said that the profit plunge came as Vietnam imposed social distancing measures and closed "non-essential" businesses to contain the novel coronavirus. Authorities ordered most businesses, including restaurants and bars, to close in March and April.
Vietnams new regulations on drunk driving have also impacted on its business, Sabeco said. The countrys new regime of fines - up to VND8 million ($345) for DUI motorbike drivers and VND40 million ($1,730) for car drivers have kept drinkers away from restaurants and bars.
Sabeco forecasts a post-tax profit fall of 37 percent this year to VND3.25 trillion ($140 million).
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at firstname.lastname@example.org .