Carlsberg 1st Half Revenue Rose 6.5% Amid Strong Growth in Asia
August 15 2019 - 2:18AM
Dow Jones News
By Dominic Chopping
Carlsberg AS (CARL-A.KO) on Thursday delivered a 6.5% rise in
first-half revenue as its core beer business had strong growth in
Asia while sales of its other drinks did well in parts of
Europe.
Revenue rose to 32.99 billion Danish kroner ($4.93 billion) in
the half, from DKK30.97 billion a year earlier, as overall beverage
volumes rose 3.7% to 68.1 million hectolitres. Analysts polled by
FactSet had expected revenue of DKK33.02 billion and total volumes
of 68.1 million hectolitres.
Net profit attributable to shareholders rose to DKK3.08 billion,
in line with estimates of DKK3.12 billion.
Carlsberg doesn't disclose full quarterly data in its half-year
results, but it said revenue in the second quarter rose 4.6% to
DKK19.1 billion.
The Danish company recently upgraded its full-year guidance, and
now expects high-single-digit percentage growth in organic
operating profit, from mid-single-digit percentage growth
previously.
There were no changes to this in Thursday's results, but it did
say it now expects a positive full-year currency translation impact
on operating profit of around DKK100 million, from DKK150 million
previously. Financial expenses, excluding currency losses or gains,
are now expected to be around DKK700 million from DKK700
million-DKK750 million previously.
"We delivered a strong set of results for the first six months
of 2019, with healthy top-line development, strong margin
improvement and continued solid cash flow," Chief Executive Cees 't
Hart said.
"Last week we were able to adjust our earnings outlook upwards
due to the performance in the first half and a solid start to 3Q,
and despite tough comparables."
Carlsberg said Tuborg, its largest core beer brand, grew by 4%
in the half, supported by good growth in China and India, while
Carlsberg brand volumes declined by 3%, with growth in markets such
as Russia, Malaysia and Vietnam offset by declining volumes, most
significantly in the U.K.
Alcohol-free brews continued to significantly outperform the
beer market in terms of growth, delivering growth of 16%, with very
strong growth rates achieved in markets such as Russia, Poland,
Sweden, Denmark and Lithuania, it said.
Write to Dominic Chopping at dominic.chopping@wsj.com;
@domchopping @WSJNordics
(END) Dow Jones Newswires
August 15, 2019 02:03 ET (06:03 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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