Singapore: ThaiBev reports 1% drop in full-year profit due to higher marketing costs

Singapore-listed Thai Beverage reported a full-year profit on November 21 that fell 1%, hurt by an increase in marketing costs at the company's spirits and food businesses.

Earlier this year, the company said it plans to divest its real estate assets and become a pure-play drinks and food firm.

ThaiBev, one of Southeast Asia's largest beverage makers, reported a profit attributable of 27.22 billion baht ($785.3 million) for the year ended Sept. 30, compared with 27.43 billion baht a year earlier.

The company's spirits business reported a profit attributable of 20.77 billion baht for the year, down 6%, due to an increase in marketing costs and raw material prices.

ThaiBev's beer business reported a profit attributable that rose 10% to 2.74 billion baht.

The company, chaired by billionaire Charoen Sirivadhanabhakdi, also announced a final dividend of 0.47 baht per share for the year.

($1 = 34.6600 baht)