The Peruvian brewer, Backus y Johnston, known as Backus, reported a net profit of PS64.9m in the fourth quarter of 2002, up from PS43.2m in the corresponding quarter of 2001. Net sales in the fourth quarter rose from PS258.0m to PS292.4m.
For the full year, net profit rose from PS118.6m to PS216.9m, on sales up from PS880.5m to PS1.03 billion.
Having acquired a 24.5% stake in Backus, which has a virtual monopoly in the Peruvian beer market, in July 2002, the Colombian brewing group, Bavaria, acquired a further 24.6% stake in the company from Empresas Polar of Venezuela in December, giving Colombia a 49.1% stake in Backus. Under Peruvian regulations, this must trigger an open offer for the company, and Bavaria announced in January that it was planning to make an offer in March for the outstanding shares in Backus at $27.00 per share.
