Lasko, 23 November (STA) - The group around brewery Pivovarna Lasko saw its net profit nearly halved in the first nine months of the year, to EUR 10m. Operating profit dropped by over a third to EUR 22m, the company said Tuesday.
Net sales revenues dropped 6.5% year-on-year to EUR 239.9m on the back of a 8.1% drop in volume sales. Water sales contracted by 17% and beer sales, which account for 44.2% of group revenues, were down 5.5%.
The company blames the decline in volume sales on lower living standards and higher excise on alcohol, which worsened beer's price competitiveness compared to excise-free wine.
The recession has also impacted sales structure, as the share of products with lower value added is rising, Lasko said in a press release.
The Pivovarna Lasko group includes the namesake brewery as well as brewers Pivovarna Union and Jadranska pivovara, soft drinks producers Radenska and Fructal, and newspaper publishers Delo and Vecer.