RUSSIA: Baltika H1 boosted by restructure
Baltika has seen the restructuring of its distribution system help lift its first-half performance.
The Russian brewer, jointly-owned by Scottish & Newcastle and Carlsberg through their Baltic Beverages Holding (BBH) company, said today (10 August) that, despite the restructure hitting first-quarter figures, the performance of the second quarter had been boosted by the move.
Net profit for the six-month period rose by an impressive 16% year-on-year to EUR94.7m (US$122m), while net sales period leapt by 18.2% to EUR531.6m.
"The restructuring of the distribution system, which exercised a restraining influence on sales during the first quarter, have already begun to produce the first positive results, which influenced on the Q2 2006 results," Baltika said.
On the export front, Baltika saw sales grow by 17.5% in the half-year. The brewer accounts for over 70% of total beer exports from Russia.
Last month, Baltika completed the exchange of shares in the three other Russian brewers controlled by BBH. Baltika is now the majority shareholder in Pikra (holding 92% of shares), Vena (97.5%) and Yarpivo (91.4%).
The integration of Baltic Beverages Holding’s ten Russian breweries is set to take the Baltika beer business into a new period of development, as Russia’s leading brewer seeks to benefit from the effi...
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