Poor second quarter at Heineken

Heineken’s flash report shows a poor second quarter. The world's third-largest brewery does not expect profit growth for this year, due to the weakness of household consumption. Heineken's share price fell by more than 3 percent as the result of the quarterly flash report.

The management believes that the adverse weather in Europe (cool spring), the lingering winter and French beer tax increase has affected the quarterly results. In the first half of the year sales volume decreased by 3 percent globally and by 8 percent in Western Europe.

However, revenues increased by 6.6 percent in the first half of the year, compared to the same period of the last year, which was supported by the acquirement of the Asia Pacific Breweries. (portfolio.hu)