Carlsberg Turns To Profit In FY16; Revenue, Volume Down; Stock Dips
Danish brewer Carlsberg A/S (CABGY.PK) reported Wednesday that its fiscal 2016 attributable profit was 4.49 billion Danish kroner, compared to last year's loss of 2.93 billion kroner, impacted by special items.
Adjusted attributable net profit was 3.88 billion kroner, compared to 4.29 billion kroner last year.
Including currencies and disposals of businesses, operating profit was down 3 percent to 8.25 billion kroner.
Net revenue declined to 62.61 billion kroner from 65.35 billion kroner a year ago. Organic revenue growth was 2 percent.
Total organic volume declined 2 percent, mainly due to less exposure to margin-dilutive volumes. Beer volume fell to 116.9 million hl from 120.3 million hl last year.
For 2016, the Supervisory Board will propose an increase of 11 percent in dividend to 10 kroner per share in light of the strong cash flow.
Looking ahead, for fiscal 2017, the company expects to deliver mid-single-digit organic operating profit growth and a further reduction in financial leverage.
Carlsberg shares were trading at 611.00 kroner, down 3.09 percent. (dpa)
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