Besides increasing revenue Carlsberg is making loss

Despite the increasing sales, Carlsberg’s after-tax profit turned negative in the first quarter of 2012.

The Danish brewery beside 12.9 billion crowns (2.3 billion USD) turnover, recorded  76 million crowns deficit. Last year 12.5 billion crowns were the sales revenue with 173 million crowns profit.
The weak results were explained by seasonal effects, however the company's management,  also indicated that the growth in Russia is below the expectations. (Világgazdaság Online)