DB Breweries register lower profit
The profit for the December quarter of DB Breweries fell 28 percent.
It has been specified via the financial statements from its owner, Asia Pacific Breweries in Singapore, "Its New Zealand operations made a S$13.2 million (NZ$16.8 million) profit before interest, taxation and exceptional items, a 46 percent drop from the same quarter in 2007."
25 percent devaluation in the New Zealand dollar was included in the fall. The figure equated to a 28 percent fall, excluding the foreign exchange difference.
The company informed, "Sales volume was up 2 percent, driven by soft drinks and ready-to-drink products, but the boost was more than offset by increased competition, higher duties and greater packaging costs."
There was a 9.4 percent increase in profit after tax, to S$59 million, for the quarter in the overall Asia Pacific Breweries.
"We increased prices of our beers in several markets and, coupled with enhanced volume, sales revenue improved by 2.2 percent," reported Chief executive Roland Pirmez. He said that gains came in the midst of demanding climate.
A whopping sum of $3.5 million (NZ$4.5 million) was made by the company from the sale of Liquorland in New Zealand.
- LG Chem to supply battery cells for Tesla’s Model Y electric SUV in China
- GiG extends sports-betting partnership with North Macedonia casino operator KAK DOO Skopje
- Payment Options for Indian Bettors on Online Casinos Operating in India
- Ohio’s Mahoning Valley Race Course cancels live horse racing for 2 weeks after employee tests positive for Covid-19
- Arcimoto creates new Roadster model by chopping top off 3-wheeled e-car’s top