Brazilian brewer Ambev posts flat first quarter net profit

May 8 (Reuters) - Brazilian brewer Ambev SA ABEV3.SA reported a first quarter net profit of 3.8 billion reais ($661.44 million) on Thursday, unchanged on the year despite a revenue increase.

The first-quarter results were affected by "higher net financial expenses and increased income tax expenses in Brazil, given a one-off in 1Q24" the company said in a statement.

The subsidiary of Anheuser-Busch InBev ABI.BR, the world's largest brewer by volume, posted net revenue of 22.50 billion reais for January-March, up 11% from a year earlier.

The brewer's volumes increased by 0.7% supported by its key market Brazil and the Carnival festivities.

Ambev's volumes in Brazil grew by 1.4% in the first quarter compared with the same period last year with a 0.7% increase in beer, in what the company called "a solid start to the year."

The Sao Paulo-based company said that its earnings before interest, tax, depreciation and amortization (EBITDA) grew by 13.9% to 7.44 billion reais in the quarter.

($1 = 5.7450 reais)