Efes Breweries International said today that its nine-month sales volumes were up 48% on the same period last year. EBI's consolidated sales volume was approximately 5.8m hectolitres.

The brewer operates primarily on Eastern European markets, although it is listed on the London Stock Exchange.

Net sales on a consolidated basis in the nine month periods ended 30 September 2004 were approximately US$305.8m, reflecting growth of approximately 56% over the same period in the previous year and exceeding volume growth for the same period.

Consequently, EBI has maintained its average sales price per hectolitre of consistently around US$50.

Profit from operations increased by 47% in the nine-month period ended 30 September 2004 over the same period in 2003.

The company said that net profit decreased by 45% to US$28.8m in the nine month period ended 30 September 2004 from US$52.2m in 2003, reflecting the impact of one-off gains in the nine month period ended 30 September 2003, in particular the capital gain of US$26.4m recorded as a result of acquisition of the Amstar Brewery in Russia in August 2003 partly through a share swap. Excluding this one-off gain in 2003, the increase in the net profit for the nine-month period was approximately 12%.