Latvia: Aldaris brewery’s turnover down 1.5% due to market contraction last year
Latvian brewery Aldaris closed 2016 with EUR 25.857 million in turnover, down 1.5% from a year before, while its losses expanded by 21.6% year-on-year to EUR 3.178 million, writes LETA, according to information available at Firmas.lv.
The company’s management put down the turnover decrease to the 6.2% contraction of the Latvian beer market. The growth of the company’s losses was also blamed on the reduced market and the decision to give up the rights to distribute products of the Baltika brand.
In 2016, Aldaris commanded 26.1% of the Latvian beer market, according to the management’s report. Last year, Aldaris sold 42.6 million litres of beer, down 1.4% from 2015.
At the same time, Aldaris has been strengthening its position in other beverage segments like beer cocktails, cider, alcoholic cocktails and non-alcoholic beverages. “One of the main non-beer brands is Somersby cider, which has been showing great success across the world,” the Aldaris management said.
In 2015, Aldaris reported a turnover of EUR 26.244 million, down 8.3% from 2014, and cut its loss by 23.3% to EUR 2.614 million.
In 2013 Aldaris decided to focus on premium class and craft beer production, and moving production of cheaper or PET-bottled beers to other Carlsberg group breweries in Lithuania and Estonia.
Aldaris, founded in 1865, is the largest brewery in Latvia and one of the biggest in the Baltics. It is part of the Carlsberg group, one of the world's largest beer makers.
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