Staropramen ups loss in 2011 to CZK 542m

Prague, Oct 29 (CTK) - Beer maker Pivovary Staropramen ended in a Kc542m accounting loss last year due to a write-off in connection with the change in owner, a Kc70m higher loss year on year, while its operating profit nearly doubled to Kc154m and sales grew by 8 percent to Kc3.96bn, daily E15 writes yesterday.

Staropramen had to get its assets appraised in connection with the change of its owner in 2009 and the subsequent restructuring, said the company's spokesman Pavel Barvik.

Investment group CVC Capital Partners bought the brewery and the whole StarBev group in 2009.

"The result is a new positive appraisal difference expressing the high value of our company. However, we have to be writing it off in harmony with the valid accounting legislation. This has optically worsened the accounting bottom line. High interest on a loan connected with the purchase of our company has a similar effect," Barvik told E15.

Beer sales of Pivovary Staropramen, the number two on the domestic beer market, increased by 8 percent to 3.03 million hectolitres last year.