Thai Beverage has reported revenue of 71.6 billion baht for its 2QFY2024, up 6.3% y-o-y. However, earnings in the same period ended March dropped 4.9% to 6.99 billion baht.
This brings 1HFY2024 earnings to 15.2 billion baht, down 5.6% over the year-earlier period. Revenue, meanwhile, was down 0.4% to 147 billion baht.
The company maintains that turnover held steady amid a "challenging" economic situation.
Of the three main product segments, Thai Bev's spirits business recorded attributable profit to shareholders of 5.8 billion baht for the quarter, up 2.3% y-o-y.
The company's beer segment, meanwhile, enjoyed strong growth for both its top line and bottom line, as Thai Bev was able to sell a bigger volume at higher prices even as cost were held lower.
For 2QFY2024, attributable profit to shareholders for the beer business was up 35.1% y-o-y to 755 million baht.
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Last but not least, the non-alcoholic beverages business reported a sharp jump in attributable profit to shareholders of 281 million baht, up 81.3% y-o-y.
While the various business segments enjoyed "satisfactory" ebitda from effective cost management, the company's overall bottom line was weighed down by a decline in net profit from its associates, which includes Frasers Property TQ5 .
All in, associated companies contributed earnings of 161 million baht in 2QFY2024, versus 940 million baht in the year-earlier quarter.
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The company plans to maintain its interim dividend at 0.15 baht per share.
Thai Bev shares closed at 49 cents on May 13, unchanged for the day but down 9.26% year to date.
