COLOMBIA: Bavaria sees net loss on increased costs
Grupo Empresarial Bavaria has reported a net loss for the third quarter of the year, as it was hit by increases in costs and income tax provisions.
The Colombian drinks producer said it saw a net loss of 64.66 bln pesos (US$249,927) in the third quarter of the year, compared to a net profit of COP86.60 bln in the same period last year.
Operating revenues increased to COP1.15 trillion in the period, compared to COP1.05 trillion in the like period last year. And earnings before interest, taxes, depreciation and amortization (EBITDA) reached COP497.54bln, up from COP433.69bln a year earlier.
Total volumes sold reached a total of 8.31m hectolitres, of which beer made up 6.97m hectolitres. Other beverages, including water, juice and soft drinks made up the difference of 1.33m hl.
"We are delighted with our third quarter results, especially for the remarkable results in Ecuador and Panama," Bavaria president Ricardo Obregon said in the press release. "Demand for our products is the result of the dynamism created by the competitive climate and due to our continued effort to improve our productivity thanks to higher efficiency levels and lower production costs."
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