It is still feeling the impact of the mourning period in Thailand.
Whilst ThaiBev spirits sales went up this quarter on higher volume, its beer segment was still on the gloomy side, given the mourning period still in effect in its Thai market.
According to OCBC Investment Research, its beer segment saw an 8% lower sales volume in the quarter.
This has led to the decline in the segment's net profit.
"Coupled with higher advertising & promotion expenses attributable to the launch of Federbrau, net profit was down 34% to THB606m," analyst Jodie Foo said.
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