BELGIUM: Interbrew forecasts "meaningful" profit growth
"In line with expectations outlined at the presentation of the 2002 results in March, Interbrew continues to believe that, excluding currency impact, it will achieve meaningful organic volume and organic profit growth for 2003," the company said.
At the AGM earlier in the year, Interbrew's CEO reiterated the group's forecast of higher volume sales and profits for the year but gave few details.
The market had been anticipating bad news from Interbrew following the profit warning from Dutch brewer, Heineken, on Monday. But the company said that volume growth had outperformed the market in most countries.
"The worldwide beer industry was characterised by a slow first quarter, followed by a partial recovery in the second quarter, which saw favourable weather conditions throughout Western Europe," Interbrew said, adding that Russia and Ukraine were having an "excellent" year with volumes and market share growing substantially.
Volume grow in Central Europe was also slightly ahead of the market, while Interbrew had shown market share growth in most markets in Western Europe. While volumes were weaker in the US import sector, Canada had produced "postive market-share development".
The global roll-out of InBev's Brazilian beer, Brahma, adds a third premium brand to the global brewer's international portfolio but some observers have suggested it's an unnecessary step which threat...
ING has raised its target for Heineken's share price after analysing the brewer's options to save costs....
Heineken's CEO-in-waiting has no plan to radically alter the brewer's strategy, he said in an interview today....
Heineken has restructured its top management, in a move that includes the retirement of current CEO and chairman Thony Ruys from October this year....
InBev has made an offer to acquire the remaining minority interests in its Russian business SUN Interbrew Ltd (SIL) that it doesn't own, at a price of US$33.41 in cash per security....
Heineken said yesterday that its Austrian subsidiary Brau Union AG has signed an agreement for the divestment of its Real Estate Division. This division comprises all non-business related real estate ...
Heineken has acquired a 40% stake in a Chinese brewery....
Heineken Espana is looking to invest heavily in a new plant in southern Spain....
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