Luxembourg-listed Quilmes Industrial, a holding company, which controls Argentina's biggest brewer, announced on March 13 a net loss of $135.9 million for 2002, compared with profit of $43.3 million a year earlier, Reuters reported. The firm said earnings before interest, depreciation and amortisation (EBITDA) fell to $91.5 million from $233.1 million a year previously.

Quilmes slipped into an operating loss of $3.6 million, having posted an operating profit of $136.6 million in 2001. Sales of beer fell 6.5% in volume terms, but the overall dollar value of sales dived to $468.6 million from $938.7 million because of the devaluation of the Argentine currency during the year.

13 March, 2003