Heineken reports sales, profit drop

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Heinekenbeer REUTERS Bottles of Heineken beer.

Amsterdam - Heineken NV, the Amsterdam-based brewer, has reported first half earnings that show a small drop in both revenues and profits - but says its underlying performance was good.

Net profit was 631 million euros (R9 billion), from 639 million euros in the same period a year ago.

Sales were down 1.4 percent to 10.2 billion euros, which Heineken, the largest brewer by sales within Europe, said was partly due to the strong euro.

Stripping out currency and acquisition effects, Heineken said beer prices were up 1.5 percent, and volumes increased 3.9 percent.

Chief executive Jean-Francois van Boxmeer said Wednesday the company's operations grew on a like-for-like basis in almost all regions in the first half but warned that growth in underlying profit and revenues would “moderate” in the second half. - Sapa-AP



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