Thai Beverage PCL said its normalized net income for the first quarter came to 20 satang per share, compared with the S&P Capital IQ consensus estimate of 24 satang per share.

EPS climbed 9.1% year over year from 18 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.03 billion baht, a gain of 9.9% from 4.58 billion baht in the year-earlier period.

The normalized profit margin declined to 11.0% from 11.2% in the year-earlier period.

Total revenue rose 11.4% on an annual basis to 45.70 billion baht from 41.04 billion baht, and total operating expenses increased 12.1% on an annual basis to 38.35 billion baht from 34.22 billion baht.

Reported net income grew 10.2% from the prior-year period to 6.58 billion baht, or 26 satang per share, from 5.97 billion baht, or 24 satang per share.

As of May 14, US$1 was equivalent to 33.48 baht.