Business News

Pivovarna Lasko Net Profit up 14% in First Nine Months

Lasko, 24 November (STA) - Beverage group Pivovarna Lasko generated EUR 228.65m in net sales revenues in the first nine months of 2009. In the same period last year, the figure stood at EUR 246.12m. However, net profit increased by 14% compared to 2008, to EUR 21.11m.

The parent company Pivovarna Lasko generated EUR 65.79m in sales revenues in the first six months of the year, while in the same period last year the figure was EUR 67.02m.

The company increased its net profit by some 63% to EUR 11.19, data published on Tuesday show.

The reason why sales revenues are slightly below last year's figures is recession, which not even the beverage industry managed to avoid, the company said.

The growth in profit was meanwhile attributed to the group's cost-cutting measures.

In terms of sales of beverages, both the parent company Pivovarna Lasko and the group did slightly worse in the first nine months of this year than in the same period in 2008, failing to fully meet the target for the period.

"We estimate that the business results for the entire business year 2009 will not be level with the results from 2008," the company said.

The group's sales in the first half-year amounted to 3.6 million hectolitres of beverages, which is 8.7% less than in the same period last year.

Beer remains the best-selling beverage, representing 43.65% of the groups' total turnover.

From January to September, the group sold a total of 822,453 hectolitres of beer (96.7%) and bottled water (3.3%). The sales of beer dropped by 4.2%, while the sales of water were down by 24.9%.

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