Heineken Suffer 15% Loss In Third Quarter
Published on Oct 23 2013 3:07 PM in Drinks
Drinks group Heiniken reported third-quarter 2013 net profit of €483 million, a staggering 15% decrease from €568 million in the same quarter of 2012.
The company attributed this decrease to declining sales in eastern and central Europe. Beer volume decreased 2% while revenue grew 4% to €5.8 billion in the quarter.
Heineken has reduced its profit forecast after a drop in sales in Europe, Brazil and parts of Africa. The company now expects full year net profit to decrease in the low single-digits, on an organic basis.
“Underlying trading conditions across Europe remain challenging, as evidenced by a weak consumer environment in Central & Eastern Europe in the quarter. As a consequence, we are accelerating efforts to drive improved efficiencies, particularly in Europe, through restructuring and other cost related initiatives,” Heineken Chief Executive Officer (CEO) Jean-François van Boxmeer said in a statement.