Dutch brewing company Heineken has reported a 17 per cent fall in first half profits. Source: AAP
HEINEKEN NV says first half earnings fell 17 per cent because of bad weather, weak 'consumer sentiment' in Europe and the United States, and slowing growth in developing countries.
Net profit at the world's third-largest brewer was $US639 million euros ($A709 million), from 766 million euros a year ago. Revenues rose 3 per cent to 10.4 billion euros, but that was due to Heineken's takeover of Asian Pacific Breweries, the maker of Tiger beer.
Heineken bought the 58 per cent stake in APB it didn't already own for 4.8 billion euros last year.
Otherwise, sales would have fallen by 1 per cent, with prices slightly higher but volumes down 3 per cent.
Chief executive Jean Francois van Boxmeer said Wednesday the outlook for the second half is similar. The company plans to keep cutting costs.
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