CHILE: CCU profits jump 141%
Chilean beer giant Compania Cervecerias Unidas (CCU) announced yesterday (November 8th) that its profits rose 140.7% during the first three quarters of the year compared to the same period of 2000.
The company, which controls nearly 90% of Chile's beer market, earned US$38.1m during the year to September.
CCU executives said the high profit growth so far this year are due to successes in both the operational and non operational earnings.
Operational income rose 28.8% during the period, reaching US$35m. This growth was fuelled by US$345.6m in sales - which was 7% more than in 2000 - and an 8.9% drop in the cost of sales thanks to the depreciation of the Chilean currency.
CCU added that total profit figures were slightly lowered by the exchange rate used to calculate the CCU Argentina results, since the value of the Chilean peso has fallen sharply against Argentine currency.
The company declared non-operational profits of US$21.9m thanks to the sale of the Peruvian brewer Backus&Johnson in March.
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