CZECH: Budejovicky Budvar FY profits jump
Budejovicky Budvar has reported net profits of CZK174m (US$10.4m) for 2010, up by 24% compared to 2009.
Operating profits for the 12 months to the end of December rose by 7% to CZK220m, Budejovicky Budvar said this week.
The Czech brewer's sales, however, fell by 5% to CZK1.9bn. “Our profits did not rise due to higher prices but because we managed to cut costs by for instance increasing the share of export and reducing our workforce,” Budvar’s spokesperson, Petr Samec, told just-drinks.
Of the 1.25m hectolitres of beer that the brewer sold last year, almost 605,000 hl went abroad. Around 36% went to Germany, 13% to the UK and 12% to Slovakia. In 2010, Budvar was the second biggest Czech beer exporter by volume, behind SABMiller's Plzensky Prazdroj but ahead of Staropramen and Heineken.
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