COPENHAGEN, Denmark (AP) — Danish brewer Carlsberg says uncertainty in its vast Russian market led to a loss of 67 million kroner ($12.49 million) in the first quarter of 2014.

Last year, the net profit was of 62 million kroner for the three month period ending March 31.

Revenue grew slightly to 12.9 billion kroner ($2.4 billion), from 12.7 billion kroner. Organic beer volumes for the group dropped 3 percent.

Carlsberg said Wednesday "eastern Europe is having a further negative impact on the economies and consumer sentiment and consequently, we now assume that the Russian market will decline mid-single-digit."

The group said it expected the results "to be impacted more negatively by currencies than previously anticipated."

Carlsberg shares were flat at 533.50 kroner in afternoon trading in Copenhagen.