The leading Russian brewer, Baltika, posted a net profit, according to generally accepted accounting principles (GAAP), of US$13.6m for the quarter from January to March 2003, down 13% from the corresponding quarter last year.
Operating profit fell by 44% to US$18.2m, on net sales down 10.5% at US$130m. The company attributed the fall in sales to the ongoing reorganisation of its sales and distribution system.
Baltika is a subsidiary of Baltic Beverage Holding (BBH), the joint venture between Carlsberg and Scottish & Newcastle (S&N).
