SINGAPORE (Aug 15): Thai Beverage reported earnings rose 22% to THB6.7 billion ($302 million) in 3Q19 ended June from THB5.4 billion in 3Q18 a year ago.

This brings 1H19 earnings to THB205.3 billion, up 18% from THB173.7 billion.

Total revenue in 3Q19 from sales and services rose 3% to THB62.7 billion from THB60.7 billion a year ago.

This was due to an increase in sales of spirits business, non-alcoholic beverages and food business, although there was a decrease in sales of beer business.

After total cost of sales and services of THB43.8 billion, gross profit came in at THB18.9 billion.

The group also took a one-off hit of THB795 million for past service cost for employee benefits from amendment of Thailand’s Labour Protection Act.

Operating profit for 3Q19 rose 24% to THB6.1 billion.

Segmentally, net attributable profit for shareholders from spirits rose 13.1% to THB4.4 billion as sales revenue increased 6.9% to THB26.3 billion due to an increase in sales volume.

Net attributable profit from beer fell 39.3% to THB267 million as sales revenue fell 0.3% to THB28.2 billion due to a decrease in sales volume.

Net attributable loss from non-alcoholic beverages narrowed nearly 40% to THB190 million as sales revenue rose marginally to THB4.3 billion but cost of goods and services fell at a steeper pace.

Net attributable profit from food more than trebled to THB159 million as sales revenue rose 11.8% to THB4.1 billion led by higher sales from Oishi food and QSA.

As at June 30, cash and cash at financial institutions stood at THB24.1 billion.

As at 9.42am, shares in ThaiBev are up 2 cents at 85 cents after the results announcement on Wednesday night.