Baltika Brewery has posted its Q1 figures. The Russian brewer, co-owned by Scottish & Newcastle and Carlsberg, said today (26 May) that net profit for the three months to 31 March almost doubled as sales leapt by almost a quarter.

Net profit rose to €23.3m from €12.4m in the corresponding quarter a year earlier, while sales volumes were up by 23%, hitting €165.4m from €135.9m in the same period in 2004.

The company added that its market share for the period "reached 24.1%." A comparative figure for the same period a year earlier was not provided.

Sales volumes of its flagship brand, Baltika No. 3, rose by 44% on the year, while licensed sales of Carlsberg were up by 24%.

The company acknowledged, however, that the improvement in profit was due in part to an exceptionally weak first quarter in 2004. Baltika pointed out that the establishment of a new sales system in the second quarter of last year, and increases in tariffs for railway transportation at the start of the current year had both contributed to rising costs in year-on-year terms.