Support The Moscow Times!

Carlsberg Posts Weak Profit

Danish brewer Carlsberg on Monday reported operating earnings slightly below forecasts as its key Russia market stalled and Western Europe sales remained sluggish.

The group's operating profit (before special items) rose to 2.15 billion Danish crowns ($384.79 million), slightly lagging an average 2.30 billion crowns estimate in a Reuters poll. .

The world's fourth biggest brewer forecast 2013 operating profit before special items to be around 10 billion crowns, and a mid-single digit percentage rise in adjusted net profit.

Carlsberg scrapped its profit margin target for eastern Europe, blaming volatile markets and rising costs, and damping hopes the region can offset sluggish demand in western Europe.

"The change in long-term financial targets is probably the most disappointing element in the report," said Sydbank analyst Morten Imsgaard.

(Reuters)


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.