The Russian brewer, Sun Interbrew, part of the Interbrew group, reported net profit for the third quarter of €11.1m, down from €12.1m in the third quarter of last year.

Net sales fell from €138.1m to €135.5m. Earnings before interest, taxes, depreciation and amortisation reached €31.7m in comparison with €41.4m in the corresponding period last year. Beer volumes were static at 4m hls.

Sun Interbrew said it saw potential for cost-cutting but also said that the business had begun to turn around in October. "The outlook for our businesses in both Russia and Ukraine is encouraging," the company said.

The brewer said it was on track for higher group profits this year, in spite of the slowdown in the Russian market. "The beer market in Russia slowed considerably in the third quarter of this year and the month of September was particularly poor with negative growth in the month," Sun Interbrew said. However, the company added that in spite of this it had managed to achieve a modest growth in market share on the back of increased capacity in the can and PET sectors.