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CHILE: Compania Cervecerias Unidas sees beer volumes drive Q1

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  • Q1 net profits increase by 39% to US$77.5m
  • Sales up by 13.4% to 505.3m
  • EBITDA leaps by 33% to 161.5m

Compania Cervecerias Unidas has posted a healthy set of figures for its first quarter.

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The Chile-based company, which operates across most drinks categories, said earlier this week that net profits for the three months to the end of March came in 38.7% up on the corresponding period a year ago, at US$77.5m. Sales also improved, by 13.4% to 505.3m, with EBITDA leaping by almost a third, by 32.7% to $161.5m.

CCU noted that total volumes in the quarter had improved, increasing by 6.1% to 5m hectolitres, driven by beer sales in its home market and in neighbouring Argentina.

Profits were helped by a one-off insurance claim payment of CLP12.68bn (US$27.1m) for damage caused by last February's earthquake.

"We are facing a scenario with three variables which can affect negatively our margins," said CCU. "Firstly, a rise in raw material prices, secondly the higher cost of fuel and finally, energy cost increases. In order to compensate the adverse scenario we have in place a contingency plan consisting of (a) to generate costs and expenses savings throughout the organisation and (b) to anticipate price increases which were already planned for a later date in the year.

"Although there is uncertainty if the  contingency plan will compensate in full the adverse effects, we expect to bridge a significant part of the negative effects on the margins."

Separately, CCU confirmed today that Giorgio Maschietto has stepped down from its board of directors. Jorge Luis 

Ramos has been subsequently voted as a replacement for Ramos by the board.

To view CCU's official Q1 results statement, click here.


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