Carlsberg A/S (CARL-A.KO) on Thursday posted a 5% rise in first-quarter revenue as currency gains helped offset a series of business disposals, with the Danish brewer maintaining its full-year financial guidance as its efficiency programs continue to progress.
In a quarterly trading update, the brewer reported first-quarter revenue of 13.70 billion Danish kroner ($2 billion), compared with DKK13.01 billion a year earlier. Analysts polled by FactSet had expected revenue of DKK13.52 billion.
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The company still expects organic operating profit growth of mid-single-digit percentages in 2017, but it now sees a positive currency translation impact of DKK300 million, having previously forecast DKK350 million.
Chief Executive Cees 't Hart said: "With 4% organic net revenue growth, we delivered a solid start to 2017, in the seasonally small first quarter. The execution of Funding the Journey is progressing well and we're on track to deliver on our 2017 commitments. We're maintaining our full-year outlook."
In the challenging Eastern European market, net revenue grew organically by 10%, while on a reported basis revenue surged 37% due to a significantly positive currency impact, it said. The region saw a 2% organic volume decline.
In Asia, net revenue grew organically by 6%, while reported net revenue rose 2%. It said the beer market in Asia was mixed in the quarter, with solid growth in China, Singapore, Nepal and Vietnam, while Indian volumes declined following restrictions on outlets located close to federal highways in the country.
Net revenue in Western Europe rose organically by 2%, driven by a good start to the year in France, Norway, Bulgaria, Italy and Germany which more than offset the later Easter compared to 2016.
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(END) Dow Jones Newswires
May 04, 2017 02:52 ET (06:52 GMT)