UPDATE 1-Thai Beverage's first-quarter revenue falls as economic woes bite
(Updates with further details on results)
Feb 14 (Reuters) - Singapore-listed Thai Beverage (ThaiBev) on Wednesday posted a 5.9% drop in first-quarter revenue from sales, as the company's beer-making division took a hit amid macroeconomic challenges.
The company said its beer-making division operated under the cusps of a slower-than-expected economic recovery in Thailand and Vietnam, leading to a 15% decline in volumes in the unit.
ThaiBev's beer business generated sales revenue of 32.62 billion baht ($902.10 million), down 14% from a year earlier, while the spirits business' revenue from sales rose 0.5% to 33.88 billion baht.
The beverage maker posted earnings before interest, tax, depreciation, and amortization (EBITDA) of 13.79 billion baht for the quarter, compared with 13.53 billion baht reported a year earlier.
The Chang lager maker's sales revenue came in at 76.11 billion baht ($2.10 billion) for the quarter ended December 31, compared with an 80.90 billion baht reported a year earlier. ($1 = 36.1600 baht) (Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal)