ThaiBev's net profit up 15% to $278.4m

Thailand's mourning period still affected company performance.

ThaiBev posted a 15% YoY rise in net profit to $278.4m (THB6.8b), whilst revenue stood at $1.9b (THB45.3b).

Headline net profit rose to $626.2m (THB15.3b), thanks to a fair valuation gain of $348m (THB8.5b) from its associate. Fraser & Neave Ltd (F&N) recognised a gain on its Vinamilk asset, DBS Equity Research said.

Thailand's mourning period continues to affect company performance, as all business segments had lower revenue except for Spirits, whose revenue grew 4.5% YoY to $1b (THB25.5b).

DBS analysts Andy Sim and Alfie Yeo said, "While the growth in Spirits was partly attributed to a low base effect last year, we continue to believe that consumption will gradually revert back to normalcy as per our earlier views."

Group operating profit slipped by 2% from THB6.1bn to THB6bn. This was more than offset by the stronger contribution from its associates, F&N and Frasers Centrepoint Limited.

Associates’ contribution surged by 156% YoY from $28.3m (THB0.69b) to $73.7m (THB1.8b).