Carlsberg First-Quarter Revenue Slips as Currencies Weigh
May 11 2016 - 2:19AM
Dow Jones News
By Dominic Chopping
Carlsberg A/S (CARL-A.KO) Wednesday posted a 3% drop in
first-quarter revenue amid a tough foreign-exchange environment and
as overall beer sales fell, but the Danish brewer maintained its
full-year financial guidance as its efficiency programs continued
to make progress.
In a quarterly trading update, the world's fourth-largest brewer
reported first-quarter revenue of 13.01 billion Danish kroner
($1.99 billion), compared with DKK13.47 billion a year earlier, hit
by a negative currency impact of 5%. Analysts polled by FactSet had
expected revenue of DKK13.21 billion.
The company still expects organic operating profit growth of
low-single-digit percentages in 2016, while it now expects a
negative translation impact of DKK550 million, having previously
forecast DKK600 million. "Although the major Eastern Europe
currencies have strengthened during the first quarter of the year,
some Asian and Western European currencies have developed
unfavorably," it said.
In the challenging Eastern European market, net revenue grew
organically by 20%, though on a reported basis revenue declined 2%
due to a significantly negative currency impact, it said. The
region saw 6% organic volume growth. Carlsberg estimates that the
Eastern European beer markets declined by mid-single-digit
percentages in the quarter.
In Asia, net revenue grew organically by 5%, but reported net
revenue fell 1%, again due to a negative currency impact. It said
the beer market in Asia was mixed in the quarter, with continued
growth in India and Nepal, while the Chinese market declined
3%-4%.
Net revenue in Western Europe declined organically by 3% and the
brewer estimates the overall Western European beer market was flat
for the quarter.
Write to Dominic Chopping at dominic.chopping@dowjones.com;
Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
May 11, 2016 02:04 ET (06:04 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Carlsburg AS (PK) (USOTC:CABGY)
Historical Stock Chart
From Jul 2024 to Aug 2024
Carlsburg AS (PK) (USOTC:CABGY)
Historical Stock Chart
From Aug 2023 to Aug 2024