DENMARK: Carlsberg H1 profits edge up, but Europe problems persist
- First-half net profits (adjusted) up 4.9% to DKK2.2bn (US$404m)
- Net sales rise 2.5% to DK32.9bn
- H1 operating profits up 1.3% to DKK4.1bn
- Global H1 beer volumes flat; full-year outlook maintained
The brewer has reiterated its FY outlook
Market share gains in Asia and Eastern Europe have helped Carlsberg post a rise in first-half profits but on-going challenges in Western Europe dragged on its performance.
Net profits (adjusted) in the six months to the end of June rose by 4.9% to DKK2.2bn (US$404m), the Copenhagen-headquartered brewer said today (21 August). Net sales in the period were up by 2.5% to DKK32.9bn, while operating profits edged up by 1.3% to DKK4.1bn.
In Q2, net profits (adjusted) fell by 1.4% to DKK2.14bn. Net sales in the three months rose by 1.6% to DKK19.6bn, while operating slipped by 1% to DKK3.44bn.
The company pointed to on-going “challenging market conditions” in Western Europe and Russia and a tough comparison on last year's Q2 which included the European Football Championships.
Group beer volumes were flat. But Carlsberg saw volume growth in Asia and Eastern Europe, which led to market share gains and offset weaker volumes in Western Europe.
Looking ahead, CEO Jørgen Buhl Rasmussen said: “On the back of the Q2 results and the start of Q3, we're on target to deliver on our 2013 expectations.” The company expects FY operating profits, before special items, of around DKK10bn.
Shares in Carlsberg were today trading down by 0.27% at DKK562 at 11.20 CET.
To read the company's full statement, click here
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