Bavaria, the Columbian brewer, yesterday posted its 2003 figures. The company said that net income last year reached 97.9 billion pesos (US$37.6m), but gave no comparable figures.

In February last year, Bavaria announced that it had recorded a net income of 336.2 billion pesos for 2002. This indicates a drop in profits in 2003 of 71%. No other figures for 2003 were announced.

The beer company has been acquiring smaller brewers in Columbia, Ecuador, Panama and Peru in recent years, making it the second-largest brewer in South America. In August last year, the company reported consolidated net income of 41.9 billion pesos for the first half of 2003, down by 41% from 71.5 billion pesos in the first half of 2002.

Late last year, Bavaria's president Ricardo Obregon said that declining profits throughout 2003 would reflect the costs associated with the company's rapid expansion into other Latin American countries.