CHILE: Large fall in Q1 profit for CCU

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CCU yesterday posted a large drop in Q1 net profit. Chile's leading brewer saw its net profit fall to CLP16.302 billion (US$26.97m) from CLP32.645 billion year-on-year, but CCU pointed to an extraordinary gain in the corresponding quarter last year to explain the difference.

Sales for the quarter grew by 10.3% to CLP110.293 billion, based mainly on greater volumes and better prices for its products.

In March last year, CCU posted a one-off gain from its sale of Croatian brewer KP Adria to Heineken. The company also noted setbacks compared with last year from the calculation of exchange rate differences and adjustments for inflation.

Sectors: Beer & cider

Companies: Heineken

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