The loss, compared with a profit of $3.2m in the third quarter of last year, was also attributed to the devaluation of the Argentine peso which has fallen by 70% against the dollar so far this year.
ARGENTINA: Argentine recession hits Quinsa in Q3
Quinsa, the holding company which owns Argentina's leading brewer, Quilmes, posted a net loss for the third quarter of $17m as the Argentine recession hit consumer demand. The net loss after tax for the nine-month period was $64m, against a net profit in the first nine months of 2001 of $25.1m.