Brewer Olvi has reported net sales for the first half of the year of €53.60m, a fall of 1.2% on the same period last year. Operating profit also fell to €3.82m from €3.92m in the first half of 2002.

The company said it had seen good performances from its Estonian subsidiary, however this was tempered by the Latvian and Lithuanian subsidiaries which made losses.

Despite the results, Olvi was predicting a pick up in the second half of the year, which is traditionally a better period for the company. Sales in the third quarter are estimated to outperform the second quarter, thanks to the long period of hot weather in July.
 
The group's full-year result are expected to be flat against 2002 levels.