Heineken's Greek subsidiary, Athenian Breweries (AB), returned to profitability on the back of higher sales for 2016, ameliorating a drop in domestic consumption - due to the imposition of another special surcharge on beer in the country - with higher tourism flows.
By D. Alexaki
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Heineken's Greek subsidiary, Athenian Breweries (AB), returned to profitability on the back of higher sales for 2016, ameliorating a drop in domestic consumption - due to the imposition of another special surcharge on beer in the country - with higher tourism flows.
Specifically, results for 2016 showed revenues of 321.6 million euros, up from 308.6 million euros in 2015 (up 4.2 percent). Nevertheless, when factoring in the special surcharge (91.2 million euros) - part of the 2016 "tax tsunami" imposed by the government - net sales decreased by 6.9 percent, yoy, meaning they reached 230.375 million euros, up from 247.54 million euros in 2015.
Pre-tax profits reached 13.4 million euros, significantly improved from losses of 16.7 million euros in 2015; net after-tax profits were 9.4 million euros, up from losses of 23.1 million euros in 2015.