14 February, 2024

Singapore, Thailand & Vietnam: ThaiBev sees 5.9% drop in first-quarter revenue

Singapore-listed Thai Beverage (ThaiBev) on February 14 posted a 5.9 per cent drop in first-quarter revenue from sales, as the company's beer-making division took a hit amid macroeconomic challenges, CNA reported.

The company said its beer-making division operated under the cusps of a slower-than-expected economic recovery in Thailand and Vietnam, leading to a 15 per cent decline in volumes in the unit.

ThaiBev's beer business generated sales revenue of 32.62 billion baht ($902.10 million), down 14 per cent from a year earlier, while the spirits business' revenue from sales rose 0.5 per cent to 33.88 billion baht.

The beverage maker posted earnings before interest, tax, depreciation, and amortization (EBITDA) of 13.79 billion baht for the quarter, compared with 13.53 billion baht reported a year earlier.

The Chang lager maker's sales revenue came in at 76.11 billion baht ($2.10 billion) for the quarter ended December 31, compared with an 80.90 billion baht reported a year earlier.

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