RUSSIA: Baltika profit rise disappoints
Russia's largest brewery Baltika, announced yesterday that its net profit for the first nine months of the year rose to US$114.9m, compared with $97.5m in the same period last year.
However, in further evidence that the Russian beer market is struggling to meet the high growth rates expected of it, analysts said the numbers were well below their expectations.
Revenue at Baltika, which is 73.6% owned by Baltic Beverage Holding (BBH), which in turn is 50-50 owned by Carlsberg Breweries and Scottish & Newcastle, totalled US$560.9m, up from US$397.3m, in line with expectations.
However, the company reported a rise in selling, general and administrative expenses to US$111.8m in January-September from US$39.8m a year earlier, partly on account of its expansion into the canned beer sector this year.
Scottish & Newcastle and Carlsberg said today that their Eastern European joint venture Baltic Beverage Holdings had seen sales volumes lift 14% in the first quarter of the year, compared to the same ...
Carlsberg has appointed a managing director for its Chinese operations....
Carlsberg has increased its ownership in Carlsberg Brewery Malaysia Berhad from 49.66% to 51%. The investment amounts to approximately US$6m....
Baltika has bought into a Siberian brewer....
The Bosnian government has put a majority stake in the country's brewery Banjalucka Pivara up for sale. Previous efforts to privatise the brewer have failed....
Hite Brewery Co. has signed a preliminary agreement to acquire Jinro....
Carlsberg Sverige is looking to introduce a lemon-flavoured beer to the Swedish market....
South Korea's anti-trust watchdog is to check Hite Brewery's claims to soju maker Jinro, following its victory in last week's auction....
- Comment - The Appeal and Perils of Craft
- Cuba-US Normalisation: Bacardi, Pernod Winners?
- Review of the Year 2014 - Part IV: Spirits
- Sustainability in Wine - Part I
- Time is Right for Refresco Gerber Exit
- Belvédère to sell assets, streamline portfolio
- Belvedere vodka tie-up over new James Bond film
- Diageo ups focus on China with Mortlach roll-out
- Diageo rolls out Beckham's Haig Club to US
- Brown-Forman eyeing Scotch, Irish whisk(e)y entry?
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- The IWSR Forecast Report - 2014-2019 Global Review
- Global Tequila Market 2014-2018
- just-drinks on-trend: Craft beer - fortunes and future