Baltika RAS net profits rise 8.4% in H1
ST. PETERSBURG. Aug 17 (Interfax) - OJSC Baltika Brewing Company made 9.378 billion rubles in net profits calculated to Russian Accounting Standards (RAS) in the first half of this year, an 8.4% increase over H1 2010, the company's quarterly report says.
First-half sales revenues were up 18% year-on-year at 43.340 billion rubles, cost of product sold 26.1% at 19.551 billion rubles, sales profits 6.5% at 12.841 billion rubles, and pretax profits 5% at 11.665 billion rubles.
The increase in sales revenues was spurred by a sales increase in natural terms, higher average product prices, and an increase in other income, the report says.
Short-term accounts receivable rose from 7.199 billion rubles on the first of the year to 13.181 billion rubles on June 30, accounts payable from 10.845 billion rubles to 19.762 billion rubles.
Baltika has eleven breweries in nine Russian regions, as well as one in Azerbaijan. The company's main owner, with 85.6% of charter capital, is Baltic Beverages Holding, which itself is owned by Carlsberg.