SINGAPORE - Thai Beverage, which controls Fraser & Neave (F&N), has reported a 73 per cent jump in first quarter net profit to 5.94 billion baht (S$230 million).

Revenue for the three months to March 31 was up 4.8 per cent at 41.04 billion baht, due to an increase in the sales of spirits business of 10.4 per cent, the beer business of 4 per cent and the food business of 4 per cent, offset by a fall in sales revenue from the non-alcoholic beverages business of 22.1 per cent.

Gross profit rose by 13.6 per cent to 12.32 billion baht, due to an increase in gross profit of the spirits business of 15.6 per cent, the beer business of 50.2 per cent and the food business of 1.7 per cent.

Its bottomline was boosted by a 138.3 per cent gain in F&N's operating results.

This was offset by a decrease in the non-alcoholic beverages business of 23 per cent.

Earnings per share climbed to 0.24 baht from 0.14 baht previously while net asset value per share firmed to 4.01 baht compared to 3.75 baht as at Dec 31.

Thai Beverage said the political uncertainty in its home market of Thailand was a dampener on its business.