This is despite a 3.8% increase in revenue during the period.

Thai Beverage (ThaiBev) reported a 3.4% year-on-year decline in earnings before interest, tax, depreciation and amortisation (EBITDA) in the first nine months of the financial year 2023 to reach about $1.4m (THB37.8m).

In a statement, ThaiBev said its sales revenue, on the other hand, was up by 3.8% to around $8.3m (THB215.9m) during the period that ended on 30 June.

Per segment, the spirits business rose 3.3% in sales revenue whilst the EBITDA increased 6.2% and the EBITDA margin rose to 25.4% due to price adjustments and changes in portfolio mix in Thailand alongside higher consumption of higher spirits.

ALSO READ: Tiered excise tax is ThaiBev’s biggest concern: analyst

Its international businesses, including Myanmar, also posted a strong performance, it said.

The beer segment, meanwhile, saw a 0.7% uptick in revenue despite a 5.2% decline in total sales volume. Its EBITDA declined by 19.8% driven by the rise in brand investment, marketing activities and competitive pressures, and increasing costs of raw material and packaging.

ThaiBev’s non-alcoholic beverage posted a 15.6% increased in sales and EBITDA rose by 3.3%.

“Improved production efficiency arising from increased utilization partially offset higher costs from brand investment, marketing activities and raw materials,” it said.

The food segment’s sales revenue rose 19.2% rose due to dine-in traffic increase at restaurants but the EBITDA declined 8.4% due to pre-operating costs.

$1 = THB26.08