Russia: Pikra brewery to make production investments of nearly EUR8.5 million by the end of 2006

Pikra brewery reported substantial losses for the 1H 2006. Half-year financial figures indicated losses which ranked to RUR33.8 million. This negative turnover is more unexpected as the Krasnoyarsk brewery reported a profit of RUR17.5 million for the 2005 FY. Sales decreased from RUR803.3 million down to RUR537.5 million, The Russian Brewers Union reported September 04.

Commenting on these results, Baltika vie-president Daniil Breman said: “Pikra is today achieving its consolidation with Vena, Yarpivo and Baltika. Being a part of Baltika will require from Pikra to substantially enlarge production debit and to push to new technical potential. By the end of this year, Pikra intends to invest over EUR8.5 million. In fact, this is the main reason why the brewery reported losses for the first half of 2006.”

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