TURKEY: Price rises boost Anadolu Efes sales
Price increases boosted sales for brewer and soft drinks maker Anadolu Efes in 2009.
Net sales rose by 4% for the 12 months to the end of September, to TRY3.8bn (US$2.5bn) from TRY3.67bn in 2008, Anadolu Efes said last week.
Price rises helped the Turkey-based group to overcome a 1.9% fall in beer volumes.
Soft drinks, meanwhile, was the main driver of a 3% rise in group volume sales. Soft drinks sales rose by 10% in volume for the year.
Operating profits for the year rose by 3% to TRY648m.
Net profits jumped by 36.5% to TRY422.6m, largely boosted by interest income from more than TRY1bn in cash reserves.
At the same time, the firm said that it has reduced net debt to TRY783m, from TRY1.1bn at the end of 2008, giving the group a net debt/ebidta ratio of 0.9.
Anadolu Efes last week signed a deal to raise its stake in Efes Breweries International to more than 99%.
For the full announcement, click here.
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