The Colombian brewing group Bavaria has posted reduced losses and increased turnover for the third quarter of 2005.

The brewer, which is being taken over by SABMiller, posted a consolidated net loss of COP35.1bn (US$15m) for the third quarter, against a loss of COP64.7bn in the third quarter of 2004.

The company, which is the second largest brewer in Latin America after AmBev, attributed the improved performance to lower payments to minority shareholders and lower tax. However, the company added that its results were hit by the revaluation of the Colombian peso.

Earnings before interest, taxes, depreciation, and amortisation increased by 8.4% to COP531.7bn (US$230m), while Bavaria said that it had reduced its liabilities by 10.8% by September compared to the end of December 2004, to COP6.4 trillion.

At the end of the third quarter, the company's net debt stood at US$1.776bn, or 90% of net worth.