Carlsberg Q4 profits hit by continuing decline in Europe

AP News
Posted: Feb 10, 2016 2:50 AM

HELSINKI (AP) — Carlsberg says poor sales in Europe more than halved its fourth-quarter profit despite a slight increase in overall revenue, and the Danish brewer gave a guarded outlook for the year.

Describing 2015 as a "mixed and challenging year," CEO Cees 't Hart said that the Asian market "continues to perform strongly."

Net profit in the quarter was 78 million kroner ($11.7 million), down from 168 million kroner a year earlier. Net sales in the quarter grew 2 percent to 14.6 billion kroner.

Carlsberg, which announced 2,000 job cuts in November, said its plan to cut annual costs by up to 2 billion kroner by 2018 was on target.

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The group said its beer volumes last year were down 4 percent, mainly due to the continuing decline in eastern Europe.