TURKEY: Currency hits Efes 2005 earnings
Efes Breweries International has posted a net profit of US$20.1m for 2005, down from US$35.6m in 2004.
The company attributed the profit slide to higher oil prices, which pushed up packaging and transportation costs, and the strengthening of the dollar against the Euro. The company reported a US$9m foreign currency exchange loss in 2005, against US$7.9m forex gain in 2004.
However, sales were 21% ahead of 2004, while volumes grew by 17% to 8.9m hectolitres.
Efes Breweries International, part of Turkey-based drinks group Anadolu Efes, now claims the number four position in Russian beer market following its acquisition of the Krasny Vostok brewery in January.
On a regional basis, the company recorded sales growth of 26% in Kazakhstan, 12% in Moldova and 44% in Serbia due to the acquisition of a second brewery in that country in late 2004.
Sectors: Beer & cider
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