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RUSSIA: Baltika reports strong profit growth

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Russian brewer Baltika has reported strong growth in nine-month profits and sales, despite a slowdown in its third quarter.

The Russian brewer said volume sales reached 17.8m hectolitres in the first nine months of the year, a leap of 16.9% on the year. Baltika outperformed the Russian market as a whole, which grew by only 4.8%.
 
Net sales rose 22.1% to €757.7m (US$885m), leading to a 37.3% rise in EBITDA to €238.8m.

Baltika said sales growth slowed during its third quarter but remained up on the year, rising by 9.7%. The three-month period was the fifth straight quarter that Baltika had seen sales growth run ahead of the market. 

Baltika president Anton Artemiev said: "Over the course of nearly 10 years, Baltika Breweries has been the leader on the Russian market. Now by our common efforts we can turn Baltika into the largest and most professional enterprise producing consumer goods in Russia. The proposed integration is an important step in reaching this objective. 

"We now have a splendid opportunity to create a unified business which owns an unsurpassed portfolio of brands and geographic reach, as well as world-class production and distribution."


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