AMSTERDAM: Heineken NV, Europe's largest seller of beer, says first half earnings were down from the same period a year ago, when it booked a one-time gain, and it expects flat full year earnings.
Net profit in the first half of 2011 was 605 million ($872 million), down from 700 million in the same period a year ago, when Heineken booked a gain of 157 million on the sale of its Indonesian subsidiary.
Sales rose 11 percent to 8.36 billion, mostly due to the acquisition of brands including Dos Equis and Tecate. The company said Wednesday comparable sales rose 3.3 percent.
The family-controlled company said commodity costs, high unemployment and weak consumer confidence will remain a drag on its business in Europe and the U.S., offset by growth in emerging markets. - AP
Latest business news from AP-Wire
Did you find this article insightful?