Latin America: Colombian beer maker, Bavaria, reported on February 26 its 2003 results. Company’s net income reached 97.9 billion pesos (US$37.6 million) in 2003. For 2002 the company registered a net income of 336.2 billion pesos.

In recent years Bavaria has been acquiring smaller brewers in Colombia, Ecuador, Panama and Peru, making it the second-largest brewer in South America. In August 2003, the company reported consolidated net income of 41.9 billion pesos for the first half of 2003, down by 41% from 71.5 billion pesos in the first half of 2002.

Bavaria’s president Ricardo Obregon said in December 2003 that declining profits throughout 2003 would reflect the costs associated with the company’s rapid expansion into other Latin American countries.

27 February, 2004