Singapore: ThaiBev reports nearly 9% fall in annual profit

Singapore-listed Thai Beverage (ThaiBev) reported an annual profit on November 22 that fell nearly 9%, hurt by weakness in the company's beer and food businesses, Nasdaq said.

Higher costs of raw materials and packaging, increased brand investment and competitive pressures weighed on the company's beer business, Thai Beverage said.

The company's food business was impacted by higher operating expenses, administrative costs and pre-operating expenses related to opening of new stores, it said.

Thai Beverage posted profit attributable of 27.43 billion baht ($780.81 million) for the full year ended Sept. 30, compared with 30.11 billion baht a year earlier.

The company's total revenue from sales and services rose to 279.09 billion baht from 272.36 billion baht.

Thai Beverage proposed an annual dividend of 0.60 baht per share, in line with last year.