ThaiBev's profit plummeted 46% to $77m in FY2018

Its beer business was struck with a 10.4% net profit fall to $116.71m.

Thai Beverage’s (ThaiBev) full year profits almost halved (46%) YoY to $77m (THB18.53b) in FY2018 from $144b (THB34.51b) in FY 2017, an announcement revealed. This is despite a revenue increase of 21% YoY to $9.56b (THB229.7b).

In its spirit business, net profit went down 13.2% to $737.31m (THB17.72b) dragged by the decrease in EBITDA. Meanwhile, its beer business suffered from a net profit decrease of 10.4% to $116.71m (THB2.81b) mainly due to an increase in finance costs, although there was an increase in EBITDA.

The firm also revealed that its non-alcoholic beverages business saw a net loss of $51.76m (THB1.2b) due to an increase in EBITDA loss. On the other hand, its food business saw its net profit skyrocket 432.7% to $23.05m (THB554m).

Also read: ThaiBev's Q3 profit plunged 61% to $247.72m

ThaiBev’s earnings per share crashed 46% to $0.031 (THB0.74).

The company noted that the alcoholic and non-alcoholic beverage markets in Thailand were hit by the decrease in the consumers’ purchasing power in Thailand amidst the country’s slow economy paired with the hike in product prices fueled by the higher excise tax rates and elderly fund tax.