DENMARK: Carlsberg H1 profits up, trims FY sales forecast

By just-drinks.com editorial team | 5 August 2009

Carlsberg has reported profits up by more than a third in the first half of 2009, but the brewer trimmed its full-year net sales target due to decline on the Russian beer market.

Net profits for the six months to the end of June rose by 34% to DKK1.9bn (US$367m), with like-for-like profits up 26%, compared to the sa me period of 2008, Carlsberg said today (5 August).

Like-for-like beer sales by volume fell by 5% for the period, but increased 15% on a reported basis.

Net sales rose 9% to DKK29.4bn, but fell 7% on a like-for-like basis, witht the difference largely due to the contribution of the Scottish & Newcastle business acquired by Carlsberg last year.

Despite the growth, the brewer trimmed its full-year net sales forecast from DKK63bn to DKK61bn, following a worse-than-expected performance on the Russian beer market. Economic decline in Russia saw the country's beer market shrink by 9% in the half-year, Carlsberg said, adding that it expects a full-year decline of 5-6%, compared to a previously anticipated 2% fall.

The brewer reaffirmed full-year earnings guidance, however.

For the full announcement, click here.

An update, following the company's conference call, appears here.

Sectors: Beer & cider

Companies: Carlsberg