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Carlsberg sees progress in Eastern Europe in Q1

Xinhua, May 12, 2016 Adjust font size:

Danish brewer Carlsberg saw growth in its challenging Eastern Europe market as it posted 20 percent organic sales rise in the region for the first quarter 2016, the company said Wednesday.

The growth was driven by 12 percent price mix and 6 percent organic growth in total volumes, Carlsberg said in its quarterly financial statement, adding that it achieved volume growth in Russia, Ukraine and Kazakhstan.

In Western Europe, beer sales by volume fell 7 percent, while net revenue declined by 5 percent to 7.78 billion Danish kroner (about 1.19 billion U.S. dollars) in the first quarter, as compared to the same period last year.

Overall, Carlsberg's Q1 net revenue stood at 13 billion kroner, down 3 percent from 13.5 billion kroner, year-on-year.

"In the seasonally small first quarter, we delivered a solid start to the year," said Cees 't Hart, CEO of Carlsberg.

"Applying our new value management approach, we are on our way to strike a better balance between market share, gross margin and earnings," he added.

Carlsberg maintained its 2016 earnings outlook, saying it expects organic operating profit growth by low-single-digit percentages.

Meanwhile, a negative translation impact of 550 million kroner is now expected as against a previous forecast of 600 million kroner.

"Although the major Eastern Europe currencies have strengthen during the first quarter of the year, some Asian and Western European currencies have developed unfavorably," Carlsberg said. (1 U.S. dollars = 6.536 Danish kroner) Endit