INDIA: SABMiller India unit sees FY losses continue
A subisidiary of the Indian division of SABMiller has released details of a marked loss in its latest fiscal year.
Skol Breweries, which makes up an unspecified segment of SABMiller's Indian operations, saw net losses in the year to the end of March come in at INR1.19bn (US$21.3m), according to figures issued earlier this month.
When contacted by just-drinks today (29 August), a spokesperson for SABMiller said the performance at Skol, which became part of SABMiller's Indian operations in 2003, was "due to local interest charges". The spokesperson highlighted, however, that SABMiller doubled its EBITA in India in the 12-month period.
Despite this, cummulative losses at Skol, dating back to when the division commenced operations in 2000, total INR5bn, representing over 50% of the unit's net worth.
During the financial year, SABMiller's biggest market in India, Andhra Pradesh state, saw sales hit due to constantly changing policies of the state government. In particular, its premium lager brand Royal Challenge suffered a sharp drop in sales.
“During the year under review, Knock Out and Foster's witnessed growth of 17% and 5% respectively in volumes,” said SABMiller India’s MD, Paolo Lanzarotti, in the report released earlier this month. “However, Hayward's volume dropped marginally by 0.2% and Royal Challenge declined by 29% due to lower off take in the states of Andhra Pradesh and Uttar Pradesh.”
The brewer issued its results for the year to the end of March back in May, but the India figures were only released to the domestic media last week.
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