Heineken full-year profit soars on one-time gain
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Heineken says its profit doubled in 2012 following a reappraisal of its Asian business. -- ST PHOTO: LIM SIN THAI
AMSTERDAM (AP) - Heineken says its profit doubled in 2012 following a reappraisal of its Asian business.
However, the company's actual performance was mixed, with operating profit by one nonstandard measure "broadly in line" with last year.
Despite weakness in Europe, it sold more beer at a higher price globally. But earnings were held back by higher investment and commodity costs, offset by lower tax and debt costs.
Reported net profit was 2.95 billion euros (S$4.9 billion), up from 1.43 billion euros. Almost all the increase was due to a 1.5 billion euro gain from revaluing its Asian businesses, notably Asia Pacific Breweries.
