POLAND: Threefold profit increase for CEDC
Sales were up some 57% in the second quarter at $71.46m. The company attributed the gains to the acquisition of two distributors in April which had consolidated its position in the Polish drinks market. It paid $11.75m in cash plus 334,000 shares for Agis and Damianex which had combined profits of $2.8m and sales of $154m in 2001.
Net income for the first half reached $2.72m, against $850,000 last year while first-half sales were up from $79.13m to $114.1m. CEDC is an importer of beers, wines and spirits and a distributor of domestically produced vodka in Poland but the company is based in the US and its shares are traded on the Nasdaq.
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