• Nine-month net loss of TRY179.2m (US$61.2) compared to TRY237.3m profit last year
  • Net sales up 1% to TRY8.26bn
  • Operating profits climb 3% to TRY977.7m
  • Q3 net losses of TRY139.8m compared to TRY20.6m profit last year
  • Net sales in the quarter up 5% to TRY3.2bn
  • Operating profits jump 12% TRY679.9m
  • Beer volumes plunge by 15% in Q3 and YTD

A plunge in beer volumes has dragged Anadolu Efes into the red in year-to-date results as markets in Russia and Ukraine contracted.

Net losses were TRY179.2m (US$61.2) in the nine-months to the end of September compared to a TRY237.3m profit last year, the group said late last week. However, net sales were up 1% to TRY8.26bn in the same period and operating profits climbed 3% to TRY977.7m thanks to a more buoyant soft drinks performance that balanced beer declines.

The beer volumes drop (-15% in Q3 and YTD) was most pronounced in Ukraine, which accounted for about half of the decline. However, Russia also continued to decline, leaving Anadolu Efes's beer unit, Efes Beer Group, with a 14% YTD net sales drop and a TRY180m loss compared to a TRY109m profit last year.

Robin Goetzsche, president of Efes Beer Group and Anadolu Efes’s CEO, said: “We had a challenging quarter in our beer business as the consumer sentiment continued to be weaker than last  year. We kept our focus on improving efficiencies and cutting costs, yet our commitment to invest in our brands continued with full speed, bringing successful innovations to the market."

Anadolu Efes's soft drinks unit, Coca-Cola Icecek, boosted overall YTD sales with an 11% increase. But net profits dropped on currency headwinds and higher financial costs. 

To read the company's full results, click here.