Russia trouble still hurting beer maker Carlsberg

AP News
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Posted: May 12, 2015 4:12 AM

COPENHAGEN, Denmark (AP) — Danish brewer Carlsberg says uncertainty in its vast Russian market continued to cause pain, contributing to a loss of 90 million kroner ($13.46 million) in the first quarter of 2015.

Last year, the Copenhagen-based brewer had a loss of 67 million kroner for the three-month period ending March 31.

Revenue grew to 13.45 billion kroner ($2 billion) from 12.9 billion kroner. Excluding the acquisition and sale of new brands, sales increased 4 percent to 13.5 billion ($2 billion), thanks to "very strong performance" in western Europe and Asia.

A "difficult macroenvironment" meant markets in Russia and Ukraine declined by about 9 percent and 14 percent.

Tuesday's result "was in line with our expectations," said retiring Carlsberg head Jorgen Buhl Rasmussen, who will be replaced by Cees 't Hart in June.