CHILE: Andina Q4 profit hit by powerful peso
Embotelladora Andina, the Chilean bottler, yesterday posted a drop in net profit for Q4. The company, one of the largest Coca-Cola bottlers in South America, saw net profit fall by 10.3% in the fourth quarter of 2003, to $12.4m from $13.8m year-on-year. The company blamed financial losses caused by the appreciation of the Chilean peso.
In 2003, the Chilean peso strengthened by about 20%, and by 11.5% in the fourth quarter alone. In a statement, Andina said that the stronger currency "had a negative impact on our results due to the company's dollar net asset position."
Although profit fell for the bottler, net sales climbed by 8.1% year-on-year as total volumes increased by 5.1% and the company raised its prices in Argentina and Brazil. Operating profit consequently rose by 36.4% to $39.4m.
For the year, Andina's net profit fell to $26.5m thanks to the appreciation of the Chilean peso and the comparative effects of a $15.3m one-time profit in 2002 from an asset sale.
Sectors: Soft drinks
- Is Diageo approaching its "Et tu, Brute" Moment?
- Diageo Q4 & FY - Preview
- Has Diageo added Beer to its 'Non-Core' List?
- SABMiller, Carlsberg, Heineken: Poland's beer itch
- SABMiller's Q1 Sales Performance by Region
- NPD: Tomatin Contrast, Cù Bòcan
- Diageo comm's director latest to leave
- Diageo hit by SEC investigation in US
- Global business development head to quit Diageo
- just the Winners - IWSC Spirits Trophy Winners
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global gin insights - market data, product innovation and consumer trends research
- Global cachaca insights - market data, product innovation and consumer trends research
- Global liqueurs insights - market forecasts, product innovation and consumer trends research
- Global Tequila insights - market forecasts, product innovation and consumer trends research