Heineken Q1 Net Profit Down
Dutch brewer Heineken N.V. reported that its net profit for the first-quarter of 2018 declined to 260 million euros from 293 million euros in the previous year.
But, Net profit (beia) was higher than last year. Consolidated beer volume was up 4.3% organically, with growth in Asia Pacific, Americas, and Africa, Middle East & Eastern Europe more than offsetting lower volume in Europe.
Heineken volume grew organically by 8.1% in the first quarter. Key markets contributing to this growth included Brazil, South Africa, Russia, Nigeria, Italy, Mexico and Vietnam. This more than offset lower volumes in the US, the Netherlands and China.
The first quarter is seasonally less significant in terms of both volume and profit to full year HEINEKEN results.
Jean-François van Boxmeer, Chairman of the Executive Board & CEO, said, "Performance in the first quarter was in line with expectations, with volume growth benefiting from an earlier timing of Easter this year and a slow start last year. The Heineken brand grew by 8.1% and we saw continued growth momentum in key markets around the world. In Europe, volumes were negatively impacted by cold weather across the region. Our full year guidance remains unchanged."
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