Bermas Suceava doubles profit on cost-cutting

Suceava-based brewer Bermas (ticker: BMS) reported that net profits almost doubled in the nine months through September this year, to 2.05 million lei (€485,000) as revenues outpaced expenses.

In the first three quarters in 2008, Bermas reported after-tax profit of 1.07 million lei. However, after six months, the brewer recorded a loss of 110,250 lei, and a third-quarter profit of 2.16 million lei.

The company’s revenues increased by 10% in January – September from 18.78 million lei to 20.61 million lei (€4.87 million). Bermas posted total revenues of 20.63 million lei (€4.88 million) in the first nine months, up 2.3% from year-ago period. Total expenses dropped by around 4% to 18.25 million lei (€4.31 million).

Bermas Suceava said it targets a net profit of 1.77 million lei, almost double from a year earlier, and an increase in revenues by 10%, to 25.47 million lei.

The company has a share capital of 15.087 million lei, divided into 21.553 million shares at a face value of 0.70 lei. The brewer’s shareholders are Asociatia Victoria Bremas, with 30.86% stake, Bermas employees with 20.8% share while open-end fund STK Emergent holds 7.05% equity position.

Bermas market cap stands at 10.77 million lei (€2.55 mln), according to Thursday’s closing of 0.50lei/share. Bermas Suceava are traded at the second category of Bucharest Stock Exchange under the ticker BRM.

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