The Russian brewer, Baltika, has posted a GAAP (US generally accepted accounting principles) net profit for 2002 of US$137.1m, up 6.3% from US$129m in 2001. The result was in line with analysts' forecasts.

Baltika's revenues rose from US$537.4m to US$682.6m, but were below analysts' forecasts of US$691.4m. Analysts said Baltika's disappointing sales growth was a result of a poor performance in the fourth quarter when volumes fell by 11% and prices fell by 2.5%.

Baltika is part of Baltic Beverage Holding (BBH), the brewing joint venture owned by Carlsberg and Scottish & Newcastle (S&N).