Heineken 1Q Net Profit Fell Sharply Due to Pandemic, Limited Mitigation From Remedies
April 22 2020 - 2:47AM
Dow Jones News
By Matteo Castia
Heineken NV reported Wednesday a sharp drop in net profit for
the first quarter due to a pandemic-induced volume drop in March,
and said that limited benefits came from its mitigating
actions.
The Dutch brewer--which owns the Sol, Birra Moretti and Tiger
beer brands--made a quarterly net profit of 94 million euros
($101.9 million), compared with EUR229 million a year earlier. Beer
volume decreased 2.1% year-on-year, with a 14% drop in March.
Earlier this month, Heineken withdrew its full-year guidance due
to the uncertainty associated with the pandemic and said it
expected a first-quarter reduction in beer volume of 2%.
Total organic volume rose 5% in the quarter, driven by strong
trading in U.S., against an estimated fall of 4%.
Heineken said the board and executive team has agreed to a 20%
salary cut between May and December in an attempt to preserve
resources amid the crisis.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
April 22, 2020 02:32 ET (06:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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