FINLAND: Poor weather fails to halt Olvi H1 rises
Olvi has posted a strong set of figures for the first six months of this year.
The Finnish brewer said today (16 August) that operating profit for the six months to the end of June leapt by 42.8% year-on-year, hitting EUR11.4m (US$15.3m). The rise came on the back of increased sales, up 24.8% to EUR100.2m.
In volume terms, total sales rose by 15.8% to 168.5m litres.
Turning to Olvi's parent company, which also operates in the soft drinks sector, net sales for the six-month period rose 18.5% to EUR26.2m. Operating profit was up by an impressive 38.3% to EUR4.2m. Olvi Group owns Cesu Alus and AB Ragutis in Lativia and AS A. Le Coq in Estonia.
Speaking to just-drinks today, a spokesperson for Olvi said: "We have performed very well in all four countries we operate in - namely, Finland, Estonia, Latvia and Lithuania."
The one dark spot on the horizon, however, was the company's performance in the Finnish bottled water market. "The price level for mineral waters in Finland is coming down," the spokesperson said. "We have the most expensive water brand in Finland at the moment."
The poor weather across Europe during the summer could impact Q3 earnings, Olvi noted.
The company also warned that the introduction of recycled plastic deposit bottles into the Finnish market "will bring great changes to production and logistics processes". At the same time, the move towards cans in the Finnish beer, cider and long drink categories will result in rising production, raw material and packaging costs going forward.
Cesu Alus has posted a record year for sales in 2007....
- Remy, dead cats and the power of China's new year
- Focus - Remy Cointreau's YTD Performance by Brand
- Will Lucas Bols' IPO Bring Much Needed Stability?
- Price drops would damage our DNA - Remy Cointreau
- A Dangerous World and the Threat to Beverages
- Moët Hennessy unveils first Travel Retail outlet
- Pernod unveils Jameson bottle for St Patrick's Day
- Maxxium UK head to depart for Edrington role
- Remy eases declines as China hints at recovery
- SABMiller beer volumes fall as China holds back Q3
- Global RTD/RTS insights - market forecasts, product innovation and consumer trends research
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review
- just-drinks on-trend: Craft beer - fortunes and future
- Edrington Group in Spirits (World)