The Canadian brewer, Sleeman, posted first-quarter net income of C$1.9m, against C$2.0m in the first quarter of 2002. The company attributed the fall in profit to higher depreciation and amortisation charges and a rise in beer taxes in Alberta.
The comparable net income in the first quarter of 2002 would have been C$0.3m lower had the Alberta tax changes had taken place in the first quarter rather than the second quarter of 2002, the company said.
Sleeman reported that earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first quarter reached C$5.6m, unchanged from the first quarter of 2002.
Net revenues rose by 19% to C$33.3m, with volumes also up by 19% at 244,000 hectolitres. Sleeman said the revenue growth stemmed from an increase in core volume sales, the launch of local production of Sapporo and higher net revenues from agency brands.
“Despite an unusually cold winter season and the fact that this year’s first quarter did not benefit from Easter season sales as the first quarter of 2002 did, our core volume grew significantly in the current quarter,” said Sleeman’s chairman and CEO, John Sleeman. “Our 5% growth in core volumes compared favourably to an industry decline of 3% for the quarter.”
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