RUSSIA: Baltika Breweries Q1 sales, profits rise
Net sales reached RUB17.7bn (US$543.5m) for the first three months of the year, compared to RUB16.8bn in the same period of last year, Baltika said today (7 May).
Net profits rose by 18.5% to RUB2.5bn, said the brewer, which is part of Baltic Beverages Holding, previously a joint venture in Eastern Europe between Carlsberg and Scottish & Newcastle and now wholly-owned by Carlsberg.
The group attributed the bulk of profits growth to cost savings initiatives across the business.
Baltika increased its beer market share to 40% in the quarter, up from 38.4% last year, Carlsberg said in its own first quarter results yesterday.
Baltika's weighting towards the premium beer sector helped the firm to outperform Russia's beer market, which has been hit by weakening consumer confidence as a result a slowing economy. Baltika volume sales slipped by 5% for the three months, against an average 7% drop in beer volume sales across the market.
Anton Artemiev, president of Baltika Breweries, predicted an improvement in Russia's beer market in 2009.
"Regardless of the current 7% decline in beer market in Q1, we keep our forecast for the full-year market slowdown around -2%, based on our expectations of some improvement in consumption trends going forward," he said.
"In spite of the unfavourable background in Q1, the company remains resilient and is demonstrating growth in profit and in profit margins."
Those who doubted that Anheuser-Busch InBev would meet its US$7bn disposals target clearly underestimated the beast they were dealing with....
The top ten stories published on just-drinks this week:...
Carlsberg is lobbying hard to dissuade Russia's Government from tripling excise tax on beer, ahead of a debate on the proposal in the country's parliament this week....
Carlsberg has reported a rise in third quarter profits and said it remains on-track to meet full-year guidance, despite a drop in beer sales....
Carlsberg has signed a deal to take full control of Hué Brewery in Vietnam, in the latest stage of the brewer's expansion in the country....
On Wednesday (28 October), Carlsberg will update the market on its third quarter sales....
Baltika Breweries, the Russian beer market leader owned by Carlsberg, has begun to export beer to Chile....
Anheuser-Busch InBev blew its US$7bn disposals target out of the water today, completing the brewer's mission to help pay off the A-B acquisition by refocusing the company on core businesses and marke...
- Diageo NA head on Trump, Millennials, Bourbon
- Trump, local spirits and the IR role - The Analyst
- Interview - Bernstein analyst Trevor Stirling
- Interview - Loch Lomond GTR head Andre de Almeida
- Has Millennial-mania drowned out elder consumers?
- Beam Suntory opens global headquarters in Chicago
- Pernod Ricard offloads Domecq brandies, wines
- Molson Coors names UK & Ireland managing director
- TWE renames Blossom Hill fruit wine range
- AB InBev launches Budweiser Uber tie-up in UK