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Financial Review
National Breweries Plc recorded a profit after tax of ZMK19.9 million for the six months, 22% up on prior year.

While we continued to operate in a highly competitive market, volume performance for Chibuku increased by 2% on prior year. The muted volume increase reflects the fact that we remain constrained in our Shake Shake production capacity and that the increase in price on our Chibuku Super product in March 2014 has led to a softening of demand for this product since the previous financial year. In addition, we saw a general reduction in consumer disposable income as economic conditions tightened in the period. The business did, however, benefit to some extent from Clear Beer consumers down trading to Opaque Beer as a result of the excise related price increase on Clear Beer on 1 January 2014. The majority of down trading, however, was into the illegal bulk Opaque market.

HY 2015 financial results

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