Anadolu Efes Q1 Sales Hit By Weak Domestic Beer

Weighed down by beer, Turkish diversified drinks giant Anadolu Efes has reported a 1.3% year-on-year (y-o-y) contraction in Q1 (three months ending March 31 2010) net sales to TRY753.7mn (US$494.2mn). Although net income of TRY71.5mn was posted after a loss of TRY25.2mn a year earlier, this had much to do with FX gains and lower financial costs. The fact that beer remained weak through Q110 underlines our view that confidence at the real economy level still has to retrace back to pre-downturn levels.

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