The Chilean soft drinks botter, Andina, posted net income of US$10.5m for the first quarter of 2003, down 53% from US$22.4m in the corresponding period last year. The company attributed the fall to weak currencies in Chile, Argentina and Brazil.
“Although recently we have seen a more stable environment for currencies in the region, year over year the three countries in which we operate continue facing significant devaluations,” the company said.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first quarter reached US$27m, 5.6% down from US$28.6m in the first quarter of 2002, on net sales 5.8% lower at US$142.5m. Sales volumes rose by 3%.
