BRAZIL: AmBev Q2 net nearly triples but volumes fall
The Brazilian brewing giant AmBev this week announced a second-quarter profit that has risen nearly three times on the same figure for last year. The company said the gains were the result of price rises and currency gains.
AmBev posted a second-quarter net profit of 358.7m reals (US$118m) compared to the 127.5 million reals it made in the same three-month period in 2001, with prices rising 12%.
However the company was still beset by weak demand due to slow growth in Brazil and Ambev experienced a 2% fall in volumes.
AmBev said it was taking "emergency measures" to combat the fall in value of the Real, which has meant that dollar-denomiated prices of raw materials has leapt. However it said these measures did not include cutting staff numbers or closing plants.
The measures may include a review of the company's pricing policy though.
Despite the disappointing volumes performance, AmBev said it would catch up and match 2001 volumes. But the company will need a third quarter up on last year and a fourth quarter much better than last year.
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