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"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.
Companies: Heineken