Central European Distribution Corporation (CEDC) has reported net sales of $187.2m for the second quarter (Q2) ended 30 June 2012, as against $198.4m during the same period in 2011.

Net loss for the second quarter of 2012 on US Generally Accepted Accounting Principles (US GAAP) basis was $93.6m or $1.23 per fully diluted share, as compared to a net loss of $3.3m or $0.05 per fully diluted share, for the second quarter of 2011.

On a comparable basis, CEDC registered net loss of $11.2m, or $0.15 per fully diluted share, for the second quarter of 2012, as compared to a net loss of $18m, or $0.25 per fully diluted share, for the same period in 2011.

The Poland-based company reported overall gross margin improvement from 38% to 40% and also improved its operating profits by 4% compared to the 2011 results.

CEDC recorded 4.7% growth by value for sales of vodka in Russia, primarily due to improved product mix and price increases.

The company also saw sales of vodka in Poland grew by 6% in volume and by 20% in value, primarily due to continued success of Zubrowka Biala and Soplica vodkas and other SKU mix products.

CEDC CEO David Bailey said in the second quarter of 2012, the company was focused on improving the operational performance of all of its businesses.

"In Poland, we achieved organic sales growth both in volume and value. In Russia, we saw operational improvement from previous quarters as steps taken by our new management team were fully implemented," Bailey added.

"Having completed the restatement process, we can now fully focus on the further development of our business and continuing discussions toward moving forward with the alliance with the Russian Standard Corporation, exploring the growth opportunities it presents."