Danish brewer Carlsberg on Monday reported operating earnings slightly below forecasts as its key Russia market stalled and Western Europe sales remained sluggish.
The group's operating profit (before special items) rose to 2.15 billion Danish crowns ($384.79 million), slightly lagging an average 2.30 billion crowns estimate in a Reuters poll. .
The world's fourth biggest brewer forecast 2013 operating profit before special items to be around 10 billion crowns, and a mid-single digit percentage rise in adjusted net profit.
Carlsberg scrapped its profit margin target for eastern Europe, blaming volatile markets and rising costs, and damping hopes the region can offset sluggish demand in western Europe.
"The change in long-term financial targets is probably the most disappointing element in the report," said Sydbank analyst Morten Imsgaard.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
