Budvar Pre-Tax Income Up 40% But Downturn Still There

Although a 40% year-on-year (y-o-y) jump in pre-tax earnings to nearly US$15mn recorded by Czech brewer Budejovicky Budvar suggests demand for beer is coming back, we continue to play down the prospect of a strong near-term bounce in demand. The surge in pre-tax income was export driven with sales piggy backing off local currency weakness (making non-Czech sales more competitive).

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