THE NETHERLANDS: Grolsch net profit up 5% in 2002

The Dutch brewer, Grolsch, posted a net profit of €30.1m for 2002, up 5.1% from €28.6m in 2001 and more or less in line with analysts' forecasts. However, the brewer has declined to give a forecast for its financial performance in the coming year because of uncertain market conditions.

"Although optimistic about the earnings development, Grolsch will not give a concrete outlook for 2003," the company said. "Factors that play a role are currency and economic developments and the uncertain national and international political situation."

But the company, the second largest brewer in the Netherlands after Heineken, has maintained its long-term target to grow earnings per share by between 5% and 7% a year.

The company's net sales were 8.7% up at €296.5m, with global volumes of its flagship Grolsch brand rising by 4.8% to 3.09m hls.

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