SPAIN: Damm nine-month profits on the rise
Damm has reported a 4.2% rise in nine-month net attributable profits to EUR34.3m (US$40.1m), as a hot summer offset weak sales in the first quarter.
The company said yesterday (16 November) that revenues for the period also rose, up 3.4% to EUR478.5m.
The January-September period "was characterised by an irregular climatology" which hurt first quarter sales. But the weather change favourably in subsequent months, boosting sales, the Spanish brewer said.
Damm said that fixed costs remained unchanged but that rising oil prices have propped up some raw material prices, squeezing margins.
Barcelona-based Damm is making headway in carrying out its 2005-2008 strategic plan, which calls for it to invest EUR241m to expand production to a reported 5m annual bottles at its Prat de Llobregat factory near Barcelona.
Damm makes Damm Estrella beer and Font Salem water brands.
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