RUSSIA: SUN Interbrew Q2 and H1 figures soar
SUN Interbrew has posted its financial results for the second quarter and first half to 30 June.
Net sales in the second quarter increased by 47.8% versus the second quarter 2003 to €215.7m, while first half 2004 net sales rose by 52.5% against the first half 2003, reaching €349.4m.
Net income comprised €21.8m in the second quarter, 88.7% higher than in the same period last year, which represents the highest result in the history of the company. Over the first half of the year, net income was €20.0m, an increase of €15.5m versus the first half 2003.
EBITDA increased by €14.3m or 37.9% in Q2 versus the same period in 2003 and reached €51.9m. Excluding the negative currency impact, organic second quarter EBITDA was €54.0m. EBITDA for the first half 2004 was €69.1m, or 52.8% higher than in the first half 2003.
In a statement, SUN Interbrew said: "We continue to successfully implement our growth strategy based on the following key drivers: highly efficient distribution, focus on higher margin brands, operational excellence, brand and packaging innovations. All these factors made significant contributions to the strong performance in the second quarter and over the first half 2004."
"By implementing the strategy aimed at constantly growing volumes, whilst at the same time controlling costs in order to support our margin development, we expect the strong performance to continue in 2004," the company concluded.
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