Carlsberg First-Half Net Profit Rose 25% Despite Fall in Sales
August 17 2016 - 2:32AM
Dow Jones News
By Dominic Chopping
Danish brewer Carlsberg A/S turned in a 25% jump in half-year
net profit, with the recent sale and swap of beer assets as part of
a corporate restructuring offsetting a decline in beer volumes and
revenue.
The brewer reported first half net profit of 1.87 billion Danish
kroner ($283 million), up sharply from net profit of 1.50 billion
kroner in the same period last year. Sales slipped to 31.24 billion
kroner from 32.4 billion kroner, reflecting lower beer volumes and
the impact of weaker Eastern European, Chinese, British and
Norwegian currencies.
Analysts had expected net profit of 1.38 billion kroner on sales
of 31.56 billion kroner.
The company said it still expects to post low-single-digit
percentage organic operating profit growth in 2016, despite likely
higher spending on its strategy in the second half.
Total beverage volumes declined by 1% organically, with slack
demand in the U.K., Finland, Poland and China. Beer volumes
weakened, falling 2% organically.
The company booked a one-off profit of 406 million kroner in the
quarter from the sale of Danish Malting Group and an asset swap
related to Xinjiang Wusu Group, China. The brewer also took
impairment and restructuring charges for its operations in the
U.k., China and India.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
August 17, 2016 02:17 ET (06:17 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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