TURKEY: Anadolu Efes profits, volumes up
Anadolu Efes posted an increase in net profits and higher volumes for the first nine months of the year.
A favourable Russian rouble boosted the company's profits for the year to TRY350.6bn (US$237m) from TRY408bn in the previous year. Pre-tax profits, however, dropped to TRY455.6bn from TRY514.8bn last year.
Local currency price increases also contributed to revenue growth. As a result, net sales revenue increased to TRY3.07tn, up by 6.3% on the prior year.
Anadolu Efes' consolidated sales volume, including beer and soft drink volumes, increased by 3.5% in the nine months to the end of September to reach 31.1m hectolitres.
Consolidated EBITDA increased by 8.6% to TRY807.5bn, boosted by operational efficiencies, the company said.
"We are pleased to grow our business and improve profitability in a very challenging year" said Alejandro Jimenez, president of Efes Beer Group. "In Turkey, despite the economic crisis and increased excise taxes, we maintained the upward trend in our sales volume as of end of September and increased our volumes by 0.9% in the nine months period of 2009."
The company's Turkey beer operations saw a decrease in sales and profits for the nine-month period. Sales dropped to TRY919.4bn from TRY1.01tr in the 2008 period, while profits for the year dropped to TRY288.6bn (TRY313.7bn). Volumes remained flat at 6.7m.
Looking forward the company said it remains "committed" to outperforming the beer markets it operates in.
"We expect sales volume growth slightly lower in Turkey due to high base effect of 4Q2008. In Turkey beer operations, we expect to limit the negative impact of high commodity prices by cost management and operational efficiencies, yet we still expect a slight decline in our EBITDA margin vs. last year which was the historical high."
In the company's international beer operations, net sales for the nine months fell by 21% to US$672.4bn, compared to $861bn in the same period of last year.
Price increases boosted sales for brewer and soft drinks maker Anadolu Efes in 2009....
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