Net loss of Patra JSC 56 times bigger in 2005

23 May 2006 (11:46)

The net loss of Patra JSC, local Heineken-owned beer maker, was 56 times bigger in 2005 than in 2004 and came to 188.9m RUR against 3.4m in 2004. The company’s output reached the point of $30m.

According to Heineken representatives (the company bought 100% of Patra’s shares in August 2005), the losses had to do with the reorganization period, before the downscale and premium brands were actually launched. Last year, Heineken adopted an investment program worth ?4m to ?5m; the program was supposed to make the brewery profitable within 18 to 24 months. ‘We are expecting much better and growing figures in 2006,’ said Heineken PR Manager Anna Mileshina.

Patra’s losses will be made up for with undistributed profit and by passing a dividend for 2005.

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