Russia: Baltika says merged sales up 16 % at EUR 776 mln
Russia's biggest brewery, Baltika, announced on September 27th that its first-half net sales rose 16.1 percent to 776.1 million euros ($985.7 million) after factoring in its merger with three smaller companies, according to Reuters. Baltika said its first-half EBITDA profit margin increased by 3.5 percentage points to 31.1 percent.
Baltika said on the Web site of one of its owners, Carlsberg, that its earnings before interest, taxation, depreciation and amortisation in the six months rose 31 percent to 241.7 million euros. It did not provide a net profit figure.
In an internal merger, Baltika is uniting with smaller breweries Pikra, Vena and Yarpivo. The merger, scheduled to be completed by the end of the year, will save $60-80 million in distribution costs.
Baltika, also owned by Scottish&Newcastle, said on Tuesday that the merger, including a restructuring of its distribution system, helped it increase its July-August sales by 16 percent while the market had grown 14 percent.
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