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Carlsberg Profit Beats Estimates as Asia, Europe Offset Russia
18.05.2010 13:25 "Agro Perspectiva" (Kyiv) —
Carlsberg A/S, the Danish owner of Russia’s largest brewer, reported first-quarter profit that beat analysts’ estimates as improved sales and profitability in Asia and Europe helped offset plunging sales in Russia.
So-called operating profit fell 6.7 percent to 735 million kroner ($126 million) from 788 million kroner a year ago, the Copenhagen-based company said in a statement today. That beat the 635 million-kroner median estimate of 13 analysts compiled by Bloomberg. Revenue fell 6.8 percent to 11 billion kroner.
Russia increased beer taxes by 200 percent as of Jan. 1, causing a spike in sales in the final three months of 2009 and a corresponding drop in the first quarter after customers stocked up before higher prices took effect. Carlsberg generates about 45 percent of earnings from its Baltika unit in Russia, where de-stocking lowered earnings by around 300 million kroner.
«As the country slowly recovers from the economic crisis, the implementation of a 200 percent increase in excise duties puts further pressure on the beer market,» Trevor Stirling, an analyst at Sanford C. Bernstein in London, said in a note before the statement. «Profitability in Carlsberg’s main region has been significantly disrupted» because the phasing of price increases meant the brewer did not fully offset the higher excise, said Stirling, who rates the shares «outperform.»
Carlsberg rose 32.8 kroner, or 7.9 percent, to 446.90 kroner in Copenhagen trading yesterday. The stock has climbed 16 percent this year, more than the 7 percent gain of the nine- member Bloomberg Europe Beverages Index.
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