ThaiBev net profit drops 3.2% YoY to $698.5m in H1

ThaiBev's sales revenue, however, climbed 3.7% YoY to THB148.3b ($5.83b).

SGX-listed Thai Beverage's (ThaiBev) net profit fell 3.2% year-on-year (YoY) to THB17.78b ($698.5m) in H12023.

On the flip side, the company saw a 3.7% YoY revenue increase for the period. The resurgence of economic activity in Thailand and Vietnam drove the company's increased sales revenue.

"The spirits business demonstrated resilience by delivering an increase in net profit. While beer and NAB businesses reported a decline in net profit due to cost push and brand investment," said the company in a bourse filing.

The increase in revenue, however, was not able to pull the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) up. In H123, ThaiBev's EBITDA fell 1.5% YoY to THB27.83b ($1.1b).

READ MORE: No plans to sell spirits business: ThaiBev