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.
Reported revenue grew 7.6 per cent to 18.4 billion euros but on a like-for-like basis, they grew only 3.9 per cent, with volumes up 1.5 per cent and prices up 2.4 per cent.