HOLLAND: EBI sees profits halve
Efes Breweries International has seen nine-month profits halve after a series of one-off items weighed on the bottom line.
EBI, the Eastern European brewing arm of Turkish group Anadolu Efes, posted net profit of US$15m for the period to 30 September, down from US$29m last year.
The company revamped its distribution network in Russia and incurred higher marketing costs in Serbia after the acquisition of the country's Zajecar brewery late last year. Earnings were also hit by the rising cost of plastic bottles, caused by higher global oil prices, the company added.
The strengthening US dollar also weighed on profits with EBI reporting a currency hit worth US$9.2m.
However the brewer, whose brands include Stary Melnik and Efes Pilsener, said margins were improving and maintained its prediction of volume growth for the year.
Sectors: Beer & cider
- The end is nigh for Global Travel Retail - Comment
- Five ways small brands can beat big players
- Interview, Bulldog Gin founder Anshuman Vohra
- Pernod Ricard's Q1 results - Preview
- Pernod Ricard Q1 2017 results by region, brand
- Diageo most at risk to Thai alcohol ban - analyst
- Constellation sells Canadian wine unit for US$761m
- Jobs at new India hub won't affect staff - Diageo
- Stumbling UK Pound prompts Conviviality price hike
- Pernod Ricard cheers US move to ease Cuban limits
- Global gin insights - market forecasts, product innovation and consumer trends
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Global rum insights - market forecasts, product innovation and consumer trends
- Global RTD insights - market forecasts, product innovation and consumer trends
- Global Wine Market 2016-2020