The Danish brewer Carlsberg said today that profit development was as expected, despite a slower first quarter than hoped for.
Net revenue rose by 3% compared to Q1 2003, when calculated in local currencies. However, due to the strengthened Danish currency, net revenue calculated in DKK was 1% down on last year, totalling DKK6.765 billion.

However, the company said that profits earned in the first quarter of the year have little impact on the full-year profit because of the seasonal nature of the brewing industry.

Operating profit (EBITA) totalled DKK154m against DKK18m in Q1 2003.

The Q1 beer sales of the Carlsberg Group were 16.8m hl, up 4%.

Following the acquisition of Holsten Brauerei, Carlsberg A/S will include revenue figures as of 1 April 2004, and now expects a total net revenue for 2004 in the level of DKK37 billion to 38 billion.

Operating profit is expected to be in the region of between DKK 3.5bn to 3.7bn (unchanged).