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FINLAND: Olvi’s profits fall in first nine months

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The Finnish brewer Olvi reported today that its first nine months saw net sales fall 1.3% to €86.09m compared to €87.24m for the same period last year, as its Latvian and Lithuanian subsidiaries reported losses.

The operating profit for the period amounted to €7.65m compared to €8.27m in 2002 and earnings per share fell to €1.18 compared to €1.23 in 2002.

The net profit for the period under review was €4.63m compared to €4.83m in 2002.

Olvi's domestic sales decreased by 5.5% to 66.3m litres, which the company blamed on less favourable weather conditions in the early summer, as well as the company's choice of not engaging in price competition in various segments.


Sectors: Beer & cider

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