The Russian brewer, Sun Interbrew, part of the Belgian brewing combine, Interbrew, posted a net loss according to generally accepted accounting principles (GAAP) of €3.6m for 2002, against a net profit of €22.4m in 2001.
Analysts had been forecasting a GAAP net profit of €8.1m in 2002. Revenues rose by 10% to €433m, broadly in line analysts’ forecasts. However, EBITDA fell by 17%, against analysts’ forecasts of a drop of around 13%.
Beer sales were up 5.8% at 1.25 billion litres, but the company’s share of the Russian beer market was reported to have fallen from 12.8% to 12.1%.
Sun Interbrew attributed the disappointing performance to the depreciation of local currencies “which reduced profitability by €27.1m,” coupled with a write-off of €6.7m of assets.
The company said the fourth quarter had been particularly disappointing, with the brewer reporting a fourth-quarter net loss of €10.5m against a net profit of €2.43m in the corresponding period in 2001.
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