DENMARK: Royal Unibrew sees FY profit nosedive
Royal Unibrew has posted a significant drop in pre-tax profit for 2008, despite an increase in revenue.
Write-down charges in Poland saw the company's profit wiped from DKK220m (US$377.3m) to DKK2m.
Net revenue reached DKK4.17bn reflecting an 8% increase over 2007.
Operating profit before special items amounted to DKK135m, down from DKK244m in 2007. The negative profit development, the company said, is attributable to H2 reflecting the "declining economic growth".
"I acknowledge that 2008 was a very challenging year to Royal Unibrew, and our challenges grew in H2," said Henrik Brandt, CEO.
"Our objective now is to strengthen profitability, and we are implementing a number of important measures to reorganise our Polish activities, further streamline the Danish organisation and consolidate activities in the Baltic region."
Royal Unibrew, the Danish brewer, is to sell its shares in its Dominica, St. Vincent and Antigua breweries to Cerveceria Nacional Dominicana (CND) in a bid to reduce its debt....
Royal Unibrew, the Danish brewer, has received approval from competition authorities to sell its Koszalin brewery in Poland to local beer group Van Pur....
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