Carlsberg has reported a 4% decrease in its net revenue to DKK17.53bn (£2.07bn) for the third quarter of the year, compared to DKK18.3bn ($2.16bn) for the same period in 2015.
The brewer blamed a “continued tough foreign-exchange environment” and the acquisition impact related to the sales of Danish Malting Group and Carlsberg Malawi for the decline.
The Carlsberg brand recorded a 7% volume growth with better sales coming from Russia, Ukraine and India.
In Western Europe, Carlsberg’s net revenue in Q3 2016 fell 6% to DKK10.4bn from DKK11bn) in the same period last year.
Eastern Europe gave the company better results in the quarter, with net revenue growing by 5% to DKK3.14bn from DKK3.01bn in Q3 2015.
In Asia, there was a decline of 6% with Q3 2016 net revenue dropping to DKK4bn from DKK4.2bn in the same period in 2015.
Carlsberg chief executive Cees ‘t Hart said: “We’re satisfied with our Q3 results. Our value management approach, which targets the optimal balance between market share, gross margin and earnings, continues to progress well.
“In addition, our Eastern European business delivered a good set of results in the quarter, ahead of our expectations.
“Consequently, we upgrade our 2016 earnings expectations. We continue to see good momentum across the organisation in Funding the Journey and good progress in the operationalisation of the SAIL’22 priorities in our business plans for 2017 and future years.”
