Grupo Empresarial Bavaria has posted a sharp rise in net income for Q1. The Columbian conglomerate said yesterday that net income hit COP22.2 billion (US$8.5m), up from COP5.9 billion in the corresponding quarter last year.

The company credited the increase to a large fall in financial expenses of 52% to COP182.9 billion in year-on-year terms.

Operating revenue for the quarter totalled COP1.14 trillion, a slight fall from COP1.17 trillion, while beer sales volume rose by 5.9% to 6.6m hectolitres.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 8.7%, however, to COP468.5 billion.

Earlier this year, Bavaria said that it plans to become the world's seventh largest producer of beer within three years. The company currently says it stands at the number ten position.