Heineken Sees Revenue Up, However, Profits Are Below Expectations
Heineken, the world's second-largest beer-maker, has cut its full-year margin forecasts due to currency weakness in some more profitable markets and expansion in Brazil.
The brewer of Heineken lager, Tiger, Sol and Strongbow cider reported first-half earnings below market expectations and said that its operating margin would decline by 20 basis points in 2018, compared with a previous forecast of a 25-basis-point increase, after it fell sharply in the first six months.
Overall, the brewer sold more beer in the first six months of 2018 than expected, with the steepest growth experienced in its two most profitable markets, Vietnam and Mexico, along with Brazil, Cambodia, South Africa, Ethiopia and Russia.
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