DENMARK: Poor Q3 hits Carlsberg rating
Carlsberg's shares have been downgraded following the announcement yesterday (4 November) of a poor Q3 for the company. Jyske Bank has cut its recommendation to 'reduce' from 'accumulate'.
The bank said that the negative development in Western Europe continued in the third quarter, with results hit by price pressure, a negative organic growth and higher marketing costs.
Overall, yesterday's third quarter report confirms the challenges faced by Carlsberg and the risk that only a small proportion of the cost savings from the restructuring programmes will show up on the bottom-line, Jyske Bank said.
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Carlsberg has entered into negotiations with the IBM Group regarding a possible outsourcing of the Danish brewer's IT services in Europe....
Carlsberg's rating has been lowered following its disappointing Q1 figures earlier this week....
Carlsberg said today that global beer volume showed a 20% increase in the first quarter of the year driven by strong organic growth in BBH as well as a considerable contribution from acquisitions, inc...
Carlsberg has appointed a managing director for its Chinese operations....
Carlsberg has increased its ownership in Carlsberg Brewery Malaysia Berhad from 49.66% to 51%. The investment amounts to approximately US$6m....
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