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Heineken profits tumble

Wednesday, October 23, 2013 - 00:48

Oct. 23 - Heineken, the world's third largest brewer by volume, lowered its guidance for full-year profit after beer sales in eastern European dropped sharply and slipped in Brazil and in its large African markets. Hayley Platt reports.

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A lack of thirst for some of Heineken's beer has caused the world's biggest brewer to cut its profit outlook for the year. The group, whose brands includes Europe's best-selling Heineken lager, Sol, Tiger and Strongbow cider, blamed an 8 percent drop in sales in central and eastern Europe on a wet September. It also said difficulties in some of key developing markets including Brazil, Nigeria and Egypt hadn't helped. Beer volumes slipped 3 percent and revenues only managed a 0.2 percent rise. The company also warned against a strong euro. Western Europe and the Asia-Pacific region were the only markets which saw an increase largely thanks to better weather. But it wasn't enough to lift shares, they fell 4 percent after the results.

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Heineken profits tumble

Wednesday, October 23, 2013 - 00:48