logo
Share SHARE
FONT-SIZE 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
Microsoft Corp. (MSFT) has cut the price of Xbox One bundles by $50 ahead of next month's Electronic Entertainment Expo. The 500GB Xbox One bundled with either Quantum Break, Gears of War: Ultimate Edition, The Lego Movie Videogame, Forza Motorsport 6, Rise of the Tomb Raider, or Rare Replay is now... Red-hot Las Vegas beat other big cities to become the best and most budget-friendly summer travel destination this year, according to financial website WalletHub. WalletHub's Shares of Allergan plc rose in early trades Tuesday after billionaire investor Carl Icahn said he recently acquired a "large position" in the Botox maker and was very supportive of CEO Brent Saunders. Icahn did not disclose details of the stake he acquired in Allergan.
comments powered by Disqus
Follow RTT