CHILE: CCU reports FY profits drop
For the year to the end of December, Compania Cervecerias Unidas's (CCU) net profits were CLP119.9bn (US$250.6m), a 15.2% drop on 2009. Operating profits, however, increased by 18% to CLP162bn, the company said today (4 February).
Sales climbed by 7.9% for the year, to CLP838.3bn, said the group, which is 33%-owned by Heineken.
"Reflecting on 2010, we are very satisfied having delivered these results following the severe earthquake and tsunami that struck Chile on 27 February, causing damages in our beer and wine operations as well as inventory losses," the company said.
"Looking ahead, we will not only continue our efforts to grow and strengthen our current core business organically, but also to pursue actively a strategy of inorganic growth in beverage and food related businesses, domestically as well as in surrounding markets," CCU added.
Click here to view the full earnings release.
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