The Luxembourg-listed holding company, Quilmes Industrial, which owns Argentina’s largest brewer, Quilmes, has reported a net loss for 2002 of US$135.9m, against a net profit of US$43.3m in 2001.
Earnings before interest, depreciation and amortisation (EBITDA) plummeted from US233.1m to US$91.5m, while Quilmes also posted an operating loss of US$3.6m, compared with an operating profit of US$136.6m in 2001.
Hit by the devaluation of the Argentine peso, turnover at the company fell from US$938.7m to US$468.6m. Beer volumes were down 6.5%.
