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
Consumers in Nigeria are calling for a boycott of Coca-Cola products sold in the African nation after a high court judge ruled that the products could be "poisonous". Justice Adedayo Oyebanji of the Lagos High Court ruled that high levels of benzoic acid and sunset additives in Coca-Cola's soft drinks could pose a health risk to consumers when mixed with ascorbic acid, commonly known as Vitamin C. Charles Murphy, a partner at New York hedge fund Paulson & Co., fell to his death after jumping out of a hotel window in Manhattan on Monday. Murphy was found dead on the fourth-floor terrace of the Sofitel New York Hotel after he jumped from a window on the 24th floor. Internet media company BuzzFeed is preparing to go public in 2018, media site Axios reported Wednesday, citing industry sources. New York-based BuzzFeed was founded in 2006 by Jonah Peretti and John Johnson III as a viral lab, focusing exclusively on tracking viral content.
comments powered by Disqus
Follow RTT