The Russian beer maker Baltika Brewery, a holding of Carlsberg and Scottish & Newcastle, has posted its first quarter results. Baltika sold about 3.2 million hl of beer from January to March 2003. Under the first quarter results the company holds 21.4% of Russian beer market. Baltika exported 183 thousand hl of production, by 9.5% more than for the same period last year.

The company net profit accounted USD 13.6 million and decreased by 13% versus the first quarter 2002, the net revenues from sales accounted USD 130 million, 10.5% decline.

The company attributed the decline in financial results partially to the company’s expenses on building two brewing plants in a very short time (15 months). In January 2003 the plant Samara was opened with a production capacity of 1.5 million hl, in April the plant in Khabarovsk was opened with a production capacity of 1.5 million hl. With these plants Baltika started brewing new brands “Samara” and “DV” (Far East). The positive influence of the plants on the financial results will be seen with the beginning of summer season.

27 May, 2003