Ambev's profit of $ 2.28 billion in the third quarter, falloff of 7.9%

SÃO PAULO-(Updated to 8:14) beverage maker Ambev reported net income attributable to their controllers from $ 2.28 billion in its third quarter balance sheet, published during the early hours. In comparison with the same period last year, there was a fall of 7.9%, influenced by the worsening financial results and by raising taxes on the profit.
At the same time, however, the company's net revenue rose 5.3 percent, to $ 8.46 billion. The owner of Brahma and the Skol has meaning difficulty in increasing the volume of beer sold, but managed from July to September to perform adjustments of prices and brands offered balancing, which sustained their billing.
The group, however, faced 7.4% higher production costs in the quarter, to $ 2.82 billion. Operating expenses, on the other hand, had mild lower 6.3%, to $ 1.96 billion. With that, Ambev closed the three months with operating income of $ 3.68 billion, 12 percent jump on the same bases.
There were decreases in almost all measurements of profitability for the manufacturer of brews. Gross margin, for example, has fallen from 67.4% to 66.7% in a year. The operating margin, however, surged 41.3 percent, to 43.5%.
The company recorded net financial losses of R $ 496,1 million, worsening of 35.2%. The third quarter also brought the need for provisions for taxes on 89.4% higher result, at r $ 848,9 million.
After the fall in quarterly profit, Ambev sees no prospects as better for the last three months of the year. The Group believes that the overall beer market in Brazil will be stable in 2013 or have mild high on one digit. But the expectation is that the volume stay closer to the 2012 level than reach the 5% projected growth.
It wasn't the federal Government's decision to hold the high taxes for drinks until next year, Ambev believes that this performance would be even worse. "[This] should be positive for the volume and creates conditions to keep our record investment plan in Brazil," said the company. Only in the third quarter were invested r $ 847 million in the country.
Parallel to the balance sheet, the Group of Marcel Telles, Carlos Sicupira and Jorge Paulo Lemann said that yesterday the Brazilian Securities Commission (CVM) granted the registration as a publicly-traded company with Ambev S.A., new vehicle that will spearhead the corporate restructuring. The offer of shares in BM & FBovespa and on Nyse, New York Stock Exchange, is expected next month.