Andalou Efes And Efes Breweries International Profits Down

To read the full article, please choose one of the following options:

Turkey-based beverage juggernaut Andalou Efes has a reported a fall in net profit despite double-digit sales growth. Net profit dropped by 17% to TRY309.7mn (US$193.4mn) whilst turnover grew by 21% to hit TRY3.67bn (US$2.33bn). Meanwhile, Efes Breweries International (EBI), a subsidiary of the Turkey-based beverage juggernaut, has reported a 24.1% year-on-year (y-o-y) increase in sales to US$1.04bn for FY08. Despite excellent revenue growth, the beer maker posted a net loss of US$57.4mn, after posting a net profit of US$37.5mn in FY07. An adverse foreign exchange climate has hampered both Andalou Efes and EBI. BMI believes that FY09 will be a