Bad weather cuts profit, thirst for beer in Europe: Carlsberg
COPENHAGEN (AFP) - Weak sales of beer in Europe sharply undermined profits at Danish brewer Carlsberg in the third quarter, the global group said on Wednesday, blaming bad weather.
Net profit in the third quarter fell by 29.0 per cent from the equivalent figure last year to 2.136 billion kroner ($449 million). This was worse than expected by analysts polled by Dow Jones Newswires who had forecast on average 2.23 billion kroner.
Carlsberg blamed bad weather in Europe, worse even than in 2011, which had set the market for beer in western Europe back by 2.0 to 3.0 per cent.
But the group said that it had increased its share of the market in this region where sales on a comparable basis had risen by 1.0 per cent. But the volume of beer sold in eastern Europe had fallen by 7.0 per cent mainly reflecting de-stocking in Russia and production problems in Uzbekistan.