CZECH: SABMiller unit Plzensky Prazdroj suffers FY profits drop
SABMiller's Plzensky Prazdroj suffers in Czech recession
SABMiller's Czech subsidiary, Plzensky Prazdroj, has reported falls in both sales and profits for its fiscal year amid tough market conditions.
Net sales for the year to the end of March fell by 5.5% to CZK14.56bn (US$874.5m), Plzensky Prazdroj said this week. Pre-tax profits dropped by 10.8% to CZK4.18bn.
A spokesperson for the Pilsner Urquell brewer, Jirí Marecek, told just-drinks that recession continues to bite in Czech. “People as a result did not frequent pubs and restaurants so much,” he said. Half of the group's beer sales come from the on-trade.
Czech brewers also faced higher excise duty, which rose by 33% during the year.
Marecek declined to speculate on the results in the year ahead. “What we will do is focus on innovation, whether by improving our existing brands or expanding the production portfolio,” he said.
The group declined to release net profits figures.
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