Estonia-based spirits company AS Liviko has reported a 42% lift in net profits for 2008.

Profits for the year reached EEK71.8m (US$6.4m), compared to EEK50m in 2007, AS Liviko said today (23 June).

The group also confirmed that net sales for 2008 rose by nearly 32% to reach EEK1.84bn.

"Notwithstanding the general recession in Baltic countries and a 15% decline in local alcohol markets, companies of AS Liviko Group have managed to remarkably expand their market share in Estonia, Latvia and Lithuania," said group chairman Janek Kalvi.

Sales and profits were boosted by growth in exports to neighbouring countries and by sales of imported quality brands, Liviko said.

Top performing export brands were Vana Tallinn liquor and Viru Valge vodka, which saw export sales rises of 13% and 5% respectively.