Thai Bev's strong spirit sales offset fizzling beer division

33% EBIT jump was mostly pushed by spirits.

According to CIMB, FY12 core earnings were in line at 98% of the firm's forecast. Unsurprisingly, the 33% increase in full-year core EBIT was driven by the prized spirits business, which saw modest volume growth and rising gross margins from lower raw material costs.

This is inspite of the excise tax hike that kicked in in 2H12.

Here's more from CIMB:

The beer division disappointed as it failed to break even in EBITDA. And one shouldn't read too much into the low profitability of non-alcoholic beverages as it prepares for life after Pepsi.

Early signs from the recent launch of est Cola are promising, but A&P expenses are likely to remain elevated in FY13 as management looks to build brand awareness.