Heineken fixed its 20-25% profit growth forecast

The Holland-based brewer said that net profit for the six months to the end of June fell markedly, by 30.4% year-on-year, to EUR302m, although net profit took a hammering from an anti-cartel fine earlier this year.

Operating profit, however leapt upwards by 24.8%, reaching
EUR906m. The figures came on the back of a 6.8% filip in sales, which came in
at EUR6.1bn.In volume terms, group beer sales rose by 8.5% to 68.1m
hectolitres.
In July, Heineken raised its organic net profit growth
forecast for 2007 to 20%-25%, as a result of strong volume and top line growth
in the first half-year, in particular in Central and Eastern Europe, Africa and
Asia.
In April, Heineken was slapped with a EUR219.3m fine by the
European Commission, after being found guilty of cartel activities in Holland.
The brewer, which the EC claimed had collaborated in fixing prices, allocating
customers and exchanging commercially-sensitive information in the country,
said it would appeal against the fine.