11 August, 2003

Findland’s Brewer Olvi has posted a 1.2% fall of its net sales for the first half of the year versus the same period last year. The company registered a value of €53.60m for the net sales. Operating profit also decreased 2.6% to €3.82m from €3.92m in the first half of 2002. “Brewer Olvi had seen good performances from its Estonian subsidiary, however this was tempered by the Latvian and Lithuanian subsidiaries which made losses,” said the company.

In spite of the results, Olvi was predicting a pick up in the second half of the year, which is traditionally a better period for the company. Sales in the third quarter are estimated to outperform the second quarter, thanks to the long period of hot weather in July. Olvi forecasted the group's full-year results to be flat against 2002 levels.

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