July 23, 2018 / 5:11 AM / 8 months ago

Vietnam's largest brewer Sabeco sees 19 pct plunge in FY profit

HANOI, July 23 (Reuters) - Vietnam’s largest brewer Sabeco said on Monday it expected a full-year net profit of 4 trillion dong ($173.51 million), down 19 percent from previous year, dented by a rise in material prices and consumption tax.

The country raised its special consumption tax on beer this year to 65 percent from 60 percent.

An increase in material prices and special consumption tax has prompted the company to lower its profit target, Sabeco said in a filing to Hochiminh Stock Exchange.

Sabeco, formally known as Saigon Beer Alcohol Beverage Corp, expects a revenue of 36.1 trillion dong this year, up 2.5 percent from a year-ago period, it said.

The brewer plans to produce 1.8 billion litres of beer in 2018, up from 1.79 billion litres last year.

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

The company reported net profit of 1.16 trillion dong in the first quarter this year, down 2.7 percent from a year earlier.

$1 = 23,053 dong Reporting by Khanh Vu, Editing by Sherry Jacob-Phillips

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