Thai Beverage (ThaiBev) has reported earnings of 5.93 billion baht ($252.0 million) for the 2QFY2021 ended March, 19.7% higher than earnings of 4.95 billion baht in the 2QFY2020.

This is due to higher earnings in the group’s spirits and beer businesses, as well as the lack of non-recurring costs and deferred tax utilisation related to the restructuring of ThaiBev’s beer business. The figure was mitigated by lower earnings registered from the group’s non-alcoholic beverages business, associated companies, as well as an increase in attributable loss of ThaiBev’s food business.

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The higher quarterly earnings brings earnings for the 1HFY2021 to 14.40 billion baht, 8% higher than earnings of 13.37 billion baht.

2QFY2021 earnings per share (EPS) stood at 0.24 baht on a fully diluted basis, compared to 0.20 baht in the year before, while 1HFY2021 EPS came in at 0.57 baht, from 0.53 baht in 1HFY2020.

2QFY2021 revenue fell 3.2% y-o-y to 59.46 billion baht, due to lower sales for its spirits business, non-alcoholic beverages business and food business, mitigated by an increase in the number of sales for its beer business.

Gross profit for the 2QFY2021 fell 3.5% y-o-y to 17.97 billion baht due to a broad-based decrease in gross profit from the group’s business segments.

EBITDA from normal operation including associated companies stood 0.8% y-o-y higher at 11.34 billion baht due to higher EBITDA registered from its spirits and beer businesses, offset by lower EBITDA from its non-alcoholic beverages and food businesses, as well as associated companies.

Operating profit climbed 7% y-o-y to 6.57 billion baht.

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As at end-March, cash and cash equivalents stood at 36.13 billion baht.

The board has declared an interim dividend of 0.15 baht per share for the 1HFY2021, compared to 0.10 baht per share in the 1HFY2020.

The dividend will be payable to unitholders on June 11.

Shares in ThaiBev closed 2.5 cents lower or 3.6% down at 67 cents on May 14.