July 30, 2018 / 8:08 AM / in 23 days

Vietnam's largest brewer Sabeco second quarter net profit slips

HANOI (Reuters) - Vietnam’s largest brewer Sabeco reported on Monday second-quarter net profit of 1.29 trillion dong ($55.46 million), down 6.37 percent from a year earlier.

The company’s total revenue in the April-June period rose 11.7 percent from previous year to 9.24 trillion dong, Sabeco, formally known as Saigon Beer Alcohol Beverage Corp, said.

Net profit in the first half of the year dropped 4.7 percent from a year-ago period to 2.45 trillion, the company said.

Earlier this month, the brewer said it expected a full-year net profit of 4 trillion dong, down 19 percent from previous year, dented by a rise in material prices and consumption tax.

Sabeco, which sells brands such as Saigon Beer and 333, is more than 50 percent owned by Thai Beverage PCL (ThaiBev).

Reporting by Khanh Vu, Editing by Sherry Jacob-Phillips

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