Sun Interbrew, Russia's second largest brewer and the market leader in Ukraine, reported a net loss of €7.8m for the first quarter against a net loss of €700,000 in the corresponding period last year, a result below analysts' forecasts. Operating profit fell from €11.8m to €8.0m.

"The result was due to the necessary, pre-seasonal, investment carried out to position Sun Interbrew to take advantage of the opportunities to grow during the summer season and later this year," the company said.

Sun Interbrew, which is a partnership between the brewing conglomerate, Interbrew, and the Sun Group, said revenues had risen from €60.8m to €84.1m, while sales volumes were up by 13% at 2.6m hls, including soft drinks volumes.