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. Last Updated: 07/27/2016

No. 2 Sun Interbrew Doubles 2000 Sales, Triples Revenues

The nation's No. 2 brewer Sun Interbrew announced Monday that it sold twice as much beer while revenues tripled in the first quarter of 2000 compared with the same period last year.

However, the company still posted a loss of 2.4 million euros ($2.16 million), or 0.03 euro per share, on net income of 1.9 million euros.

Sun Interbrew, which brews popular brands like Klinskoye, Viking and Tolstyak, sold 190 million liters of beer for the quarter ended March 31, a 102.5 percent jump from 95 million liters in the first quarter of 1999, the company said. Consolidated net sales grew to 43.6 million euros from 14.9 million euros.

"The results we achieved in the first quarter 2000 are in line with our expectations and plans as we build our business and our brands," Sun Interbrew CEO Michel Naquet-Radiguet said in a statement. "We now ... start the beer season poised to continue with our objectives of improving our sales price per hectoliter and managing production costs."

The company posted a 4.9 million euro loss for 1999 as well, and said at the time that it was willing to go in the red as it overhauls its newly acquired breweries.

The huge boost in production and sales revenues came largely due to the company's aggressive expansion strategy, which saw it snap up stakes in breweries such as Klin, Rosar, Desna and Krym last year.

But Sun Interbrew, a joint venture between Belgian beer giant Interbrew and Indian-owned Sun Brewing, also brought in more revenues through a 44.5 percent hike in prices - to 22.67 euros from 15.69 euros per hectoliter last year, the company said.

The brewer, like its rivals, has been increasing prices to bring the sales tags more in line with the devalued ruble.

The jump in production at Sun Interbrew is in line with increases at other major breweries, which are all battling for a larger slice of the rapidly growing domestic beer market. Market leader Baltika said last month that it had posted a 120 percent increase to 210 million liters for the first quarter.

Sun Interbrew has nine breweries in Russia and two in Ukraine.