DENMARK: Carlsberg Reiterates FY Targets Despite Slightly Weak H1

Carlsberg has said it still expects to meet its targets for the full fiscal year, despite posting slightly-lower-than-expected results for its first half.

For the first six months, underlying operating profit was down 4% to 3.45bn crowns, while overall volumes declined by 1%.  However, sales on an organic basis were up 4% to 31.2bn crowns, helped by a 2% rise in Western Europe. Net profit jumped up 25% to 1.87bn crowns, helped by one-off gains.

Carlsberg maintained that its cost-cutting plans are delivering, although it now expects currency fluctuations to hurt it to the tune of 600m crowns for the year, up from 550m crowns as previously forecast.

CEO Cees ’t Hart also noted: “We have a number of operations that are not operating in the way we would have liked, we are reviewing these and we continue the program of streamlining our business”.

For the year, Carlsberg still expects underlying operating profit to rise by a low single-digit percentage.