Plus   Neg

Heineken Q1 Profit Rises - Update

Dutch brewing group Heineken reported Wednesday a higher first-quarter profit, as revenues increased about 7 percent with growth across all regions.

The group consists of Heineken Holding N.V., Heineken N.V. (HINKY.PK), its subsidiaries and interests in joint venture and associates.

The company, with global brands such as Desperados, Strongbow Gold and Amstel, said total consolidated volume in the quarter improved 3.5 percent. On an organic basis, beer volume and consolidated beer volume grew 4.7 percent, with strong growth in all regions, except Western Europe.

In a trading update, the company said its reported net profit for the first quarter was 175 million euros, higher than 151 million euros reported last year. Net result for the recent quarter included 20 million euros revaluation gain following an increase in Heineken's shareholding in Brasserie Nationale d'Haiti S.A. in January 2012.

EBIT, a key earnings measure, declined slightly on an organic basis, which included a 23 million euros impairment charge related to an investment by the Heineken-APB (China) Pte. Ltd joint venture in a Chinese brewery held for sale, the company said.

Revenues for the quarter, on a reported and organic basis, grew 6.8 percent to 3.83 billion euros. Foreign currency movements contributed to a negative translational effect 18 million euros.

Revenue per hectolitre was up 3.3 percent, helped by pricing initiatives and improved sales mix.

The company also reaffirmed its full year 2012 outlook and said it still expects input costs to escalate further in 2012. Earlier, the company forecast around 6 percent increase in input costs per hectolitre in 2012, but hoped to mitigate this impact through revenue growth initiatives and efficiency programs. In 2011, the increase was 2.5 percent per hectolitre.

In Amsterdam, the shares are currently trading at 37.13 euros, up 3.76 percent, on a volume of 115 thousand shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion. Tiffany & Co. (TIF) reported fourth-quarter net earnings of $62 million, or $0.50 per diluted share, which were 61% below the prior year's $158 million, or $1.26 per diluted share. The company recorded tax-related charges in the fourth quarter of 2017 and certain impairment charges in last year's fourth... BlackBerry has extended the term of its Chief Executive Officer and Executive Chairman John Chen through 2023. He has been heading the company for the last five years. Chen joined BlackBerry when the smartphone pioneer was going through a troubled time. He was focused on overhauling with a special focus on diversification. BlackBerry, the former leader in the smartphone space, is now into auto m
comments powered by Disqus
Follow RTT