AP NEWS
Related topics

Russia trouble still hurting beer maker Carlsberg

May 12, 2015

COPENHAGEN, Denmark (AP) — Danish brewer Carlsberg says uncertainty in its vast Russian market continued to cause pain, contributing to a loss of 90 million kroner ($13.46 million) in the first quarter of 2015.

Last year, the Copenhagen-based brewer had a loss of 67 million kroner for the three-month period ending March 31.

Revenue grew to 13.45 billion kroner ($2 billion) from 12.9 billion kroner. Excluding the acquisition and sale of new brands, sales increased 4 percent to 13.5 billion ($2 billion), thanks to “very strong performance” in western Europe and Asia.

A “difficult macroenvironment” meant markets in Russia and Ukraine declined by about 9 percent and 14 percent.

Tuesday’s result “was in line with our expectations,” said retiring Carlsberg head Jorgen Buhl Rasmussen, who will be replaced by Cees ’t Hart in June.

AP RADIO
Update hourly