SPAIN: Damm first half profit leaps by a quarter
Damm has reported a healthy rise in net profit for the first half of this year.
The Spanish brewer said today (25 August) that net profit in the six-month period leapt by 25% to EUR18.8m (US$23.99m). Revenues also rose in the period, by 16% year-on-year to EUR326m.
Damm credited the increases to the hot weather during the period, adding that cost cutting efforts had helped boost the bottom line.
Separately, Damm said it has taken out a EUR150m syndicated loan to finance an undisclosed investment programme to expand and streamline its production facilities in Barcelona. The company said it invested EUR40m in the first six months of this year, with the funds going to improve and consolidate its logistic operations at Barcelona's so-called Zona Franca industrial strip and to expand warehousing there.
The company also used the funds to expand the operating surface of its Prat de Llobregat factory and raise production rates to an undisclosed level.
Damm could not immediately be reached for comment.
Looking forward, the company said business costs could rise in coming months due to high oil prices, which would hit packaging and transport prices.
Sectors: Beer & cider
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