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
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