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Drop in Russian Beer Sales Hurts Carlsberg

Published: August 21, 2014 (Issue # 1825)



  • Carlsberg's full-year net profit was expected "to decline by mid- to high-single-digit percentages."
    Photo: Carlsberggroup.com

COPENHAGEN, Denmark — Beer sales in Russia, Ukraine and other Eastern European countries are down and expected to keep falling as political tensions weigh on the region's economy, brewer Carlsberg said Wednesday.

The Danish company owns a range of brands across the world, including Baltika Breweries, based in its vast Russian market. Consumers there are drinking less due to uncertainty about the country's economy, which some experts estimate is sliding into recession.

Beer consumption dropped 7 percent in Russia and 10 percent in Ukraine, where the government is accused of supporting a militant separatist rebellion. Adding to Ukraine's market woes was a 43-percent increase in the beer tax as the government there tries to steady its public finances.

Carlsberg said its Eastern European markets overall are "increasingly challenging and uncertain," and expects them to deteriorate further in the second part of 2014 especially with more consumption declines in Russia and Ukraine.

The Copenhagen-based group said that "regardless of the challenging Russian macro-economy, we kept investing in our brands and maintained a high level of commercial activities to drive value and volume in the region."

The uncertainty kept a lid on sales growth, with Carlsberg's overall revenue edging up only slightly in the second quarter, to 19.2 billion kroner ($3.4 billion) from 19.06 billion kroner in the year-earlier period. Net profit increased to 2.2 billion kroner ($39.4 million), from 2.1 billion kroner.

Carlsberg's full-year net profit was expected "to decline by mid- to high-single-digit percentages."

Shares in Carlsberg dropped nearly 4.3 percent to 516 kroner in early morning trading Wednesday in Copenhagen.





 


ALL ABOUT TOWN

Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Center’s Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at today’s Grand Prix Fitness House PRO, the nation’s premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the city’s elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolan’s latest film “Mommy” at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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