Brewer Carlsberg posts 329m dollar third-quarter profits

Nov 4, 2009, 7:48 GMT

Copenhagen - Danish brewer Carlsberg Wednesday reported a higher third-quarter net profit despite lower turnover, pointing out that its market shares increased in Asia.

The quarter's net profit of 1.67 billion kroner (329 million dollars), compared to 1.4 billion kroner for the corresponding business period in 2008.

Turnover in the quarter declined from 18.4 billion kroner to 16.4 billion kroner year-on-year.

In Asia third-quarter beer sales were up over 14 per cent with strong demand in China, Vietnam, Laos and Cambodia.

In Northern and Western Europe the group said it maintained its overall market share for the nine-month period although third-quarter sales declined some 8 per cent.

In Eastern Europe beer sales dipped over 7 per cent in the third-quarter but were up almost 12 per cent for the nine-month perod.

Chief executive Jorgen Buhl Rasmussen said the group had managed to 'offset the impact from the challenging markets.'

For the period January to September, Carlsberg's beer sales increased 6 per cent, which was partly attributed to earlier acquisitions.

The Danish brewer has sales in more than 150 markets and sold the equivalent of 103 million bottles of beer a day in 2008.

In its outlook for 2010 the group expected the 'overall challenging market environment will continue' and noted that beer sales in Russia will be impacted if the government goes ahead with plans to increase the beer excise duty.

For full-year 2009, the group said it estimated an operating profit of 9 billion kroner and a net profit of 3.5 billion kroner.