SPAIN: Brewer Damm’s profit down on costs
Spanish brewer Damm has posted a 33% drop in net profit to EUR51.3m for 2008, hurt by capital expenditure charges and investment losses.
Sales increased 4.6% to EUR755m for the year, but could not offset charges related to a EUR137m investment to expand the business and unquantified losses in the firm's stock market portfolio, the company said late last week.
Barcelona-based Damm, which owns the Estrella brand, added that sales fell sharply after the summer, when Spain's economic crisis worsened.
Last year's investments went to expand the company's Barcelona port operations, its Prat de Llobregat factory, and the launch of two new beer labels: Estrella Damm Inedit and non-alcohol Free Damm Lemon.
Damm also cut its headcount to 2,223 from 2,345.
Sectors: Beer & cider
Price rises on drinks are not the solution to preventing excess drinking by teenagers and young people in the UK, argues just-drinks' student journalist Becky Pile....
Read our list of high-profile consumer boycotts, in our weekly just the facts....
Industry advocates may have branded the recent tax rise for RTDs in Australia a "tax grab masquerading as health policy", but it has shown the Government's resolve when it comes to alcohol regulation....
The long-running discussions between the world's largest spirits maker, Diageo, and India's United Spirits over a possible stake purchase collapsed this week. Michelle Russell examines the fallout....
Coca-Cola Icecek booked a 14.5% increase in first-half profit today (28 August) and said it is on track to delivery top-line growth going forward....
The head of Diageo has warned that the offer of public funding alone will not be enough to reverse the company's decision to cut a net 500 jobs in Scotland....
People in the UK are consuming more alcohol than ever before, but the number of drinkers is going down, according to new research....
Irish pubs are calling for government action to offset a decline in the pub trade after 4,800 jobs were lost in the last 12 months....
- The End of the Road for International Beer Brands?
- Comment - Another One Bites Bacardi's Dust
- Allegro: The shape of things to come at Pernod?
- Pernod Ricard's FY Performance by Region, Brand
- US craft vodka puts squeeze on Pernod's Absolut
- Mast-Jägermeister targets UK off-trade boost
- Pernod bemoans tough FY as sales, profits drop
- ASA bans Jägermeister TV ad
- Bacardi announces CFO switch
- SABMiller exec to become CFO at Beam Suntory