Leading Colombian, drinks maker and brewer Bavaria has reported a 56.2% fall in 2001 net profits compared with the previous year.
Bavaria posted 2001 net profits of 187.4 billion pesos (US$81.0m), compared with 428.2 billion pesos in 2000, a result largely expected by the market.

Bavaria, which controls 95% of Colombia's beer market, has had a troubled year, which included a strike, which stretched into the first two months of last year. There was also a major restructuring of the company which saw several plants shut down and job losses, the result of declining demand.

Good news came in the form of exports, and Bavaria did expand into Panama, through the acquisition of the country's largest brewer.