Baltika brewery posts 11% net profit growth in 2008

 Baltika, a leading Russian brewer, said on Thursday its net profit, calculated to International Financial Reporting Standards, rose 11%, year-on-year, in 2008 to 15.5 billion rubles ($426 million).

Baltika, which owns 11 breweries across Russia, said its sales increased 17% in the reporting period to 92.5 billion rubles ($2.6 billion), gross profit grew 11.5% to 45.8 billion rubles ($1.26 billion) and earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 15.5% to 27 billion rubles ($741 million).

Baltika accounts for 37% of the domestic beer market, with the company's controlling stake held by Carlsberg.

RIA Novosti