• Q1 net profits inch up by 0.6% to CLP40.57bn (US$72m)
  • Net sales in three months to end of March climb by 10.1% to CLP334.8bn
  • Operating profits slip by 1.2% to CLP72.33bn
CCU released its Q1 numbers yesterday

CCU released its Q1 numbers yesterday

CCU has voiced its discontent with first-quarter figures that show profits stagnating.

The Chile-headquartered multi-category drinks firm, formerly known as Compania Cervecerias Unidas, said yesterday (6 May) that net profits in the first three months of 2014 were flat on the corresponding period a year earlier, rising by 0.6%. Net sales were up by 10%, although operating profits dipped by 1.2% in the quarter.

Group volumes increased by 6.4%.

"We are satisfied with CCU’s first quarter 2014 consolidated volumes," said CEO Jose Patricio Jottar Nasrallah. "Nevertheless, we are not pleased with the overall results." Nasrallah highlighted "strong currency devaluation" in Chile and Argentina and higher distribution costs as hampering performance.

The numbers included the consolidation of CCU's acquisition late last year of just over 50% of soft drinks and beer maker Bebidas del Paraguay, and just under 50% of a related distributor, also in Paraguay.

CCU is jointly-owned by Heineken and the Luksic family. It operates across beer, bottled water and soft drinks, spirits and wine.

To read the company's official statement, click here.