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