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US: Second quarter net income up 35% at Coors

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US brewer, Adolph Coors Co., posted a 35% increase in second-quarter net income, boosted by higher sales and the incorporation of its new UK subsiary, Bass Brewers.

The company reported second-quarter net income of $67.6m, against $49.9m last year. The result was a ahead of anaylsts' expectations. Net sales for the quarter increased from $692.7m to $1 billion, while volumes for the quarter rose from 6.4m barrels to 8.9m barrels.

The Colorado-based company said "a large portion" of the increase in net income stemmed from the incorporation of Bass Brewers which Coors acquired from Belgian brewer, Interbrew. "The second quarter of 2002 was the first full quarter to include results from Coors Brewers Limited in the United Kingdom. CBL achieved solid volume and pretax profit growth based on market-share gains in both the take-home and on-premise channels," said Coors chairman, Peter H. Coors. "The World Cup also contributed to second quarter volume and earnings."


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