|Heineken warns of lower profit for 2013
Heineken expects a lower-than-expected profit this year, the Dutch brewer said Wednesday while presenting its Q3 trading update.
In the third quarter net profit fell by 15 percent to 483 million euros, compared to 568 million euros in the third quarter of 2012, it said, adding that it now expects 2013 net profit to decline in the low single-digits, Xinhua news agency reports.
The company stated to be facing a weak beer market, especially in Central and Eastern Europe. In other important markets, economic growth was not as high as Heineken had hoped. Thanks to good summer weather, more beer was sold in Western Europe.
The Group revenue increased by 1 percent to 5.69 billion euros in Q3, while the volume of beer sold went down by 2 percent organically.
The bad results in Central and Eastern Europe were partly offset by an improved volume performance in Western Europe. Key markets with growth were France, Brazil, Spain, Nigeria, China and South Korea.
"We are accelerating efforts to drive improved efficiencies," said chief executive officer Jean-Francois van Boxmeer.
"Particularly in Europe, through restructuring and other cost related initiatives. Looking forward, we remain confident that our broad geographic spread and strong brand portfolio will continue to support long-term growth for Heineken."