Chile's leading brewer CCU said on August 6 it reduced its net loss in the second quarter by 65.5 % compared with the same period last year, mainly due to lower income taxes and interest, while operating profit rose, according to Reuters. In a statement, CCU said its April-June net loss was $1.4 million versus a net loss of $4.0 million a year earlier. It attributed the lower income taxes to the absence of the effect of the peso depreciation in the quarter and said the decrease in minority interest payments was a result of lower net income at its winery unit, Vina San Pedro.

CCU's revenues rose 10.6 % in the period to $110.4 million due to a 9.1 % higher consolidated volumes and slightly higher average prices for its products. Sales growth was led by beer in Argentina.

"In this period, the beer Chile and beer Argentina businesses performed very positively," the company said in a statement. The strong sales, partially offset by higher selling expenses, helped the company report a 3.3 % rise in operating profit to $1.4 million.
($1 = 699.12 Chilean pesos)

11 August, 2003