Baltika boosts Q1 profit 12-fold
ST. PETERSBURG. May 13 (Interfax) - Baltika Breweries boosted net profit to Russian Accounting Standards (RAS) 12.3-fold year-on-year in q1 2011 to 3.199 billion rubles, the company said in a financial report.
Baltika said profit soared because additional sales volumes arose at the end of 2009 and because excise tax was hiked at the start of last year.
Revenue grew 60.9% to 16.221 billion rubles, cost of sales - 51.3% to 7.68 billion rubles, operating profit - 210% to 4.28 billion rubles and pretax profit - 560% to 3.773 billion rubles.
Short-term receivables grew from 7.2 billion rubles to 9.25 billion rubles during Q1 2011, and payables rose from 10.8 billion rubles to 13.8 billion rubles.
Nielsen market research indicates Baltika had 38.9% of the Russian beer market in Q1 2011.
The statement also says Baltika reduced net profit 25.1% in 2010 to 17.558 billion rubles, revenue - 15.4% to 77.7 billion rubles, costs - 17.1% to 33 billion rubles, operating profit - 24.4% to 23.9 billion rubles and pretax profit - 25.6% to 21.7 billion rubles.
Carlsberg, via Baltic Beverages Holding, owns 85.6% of St Petersburg-based Baltika Breweries , which has 11 breweries in nine regions of Russia and a brewery in Azerbaijan.