Carlsberg profits rise despite stagnant sales

Danish brewer Carlsberg says its profits rose in the first six months of the year, despite a decline in consumption in the key eastern European market, particularly Russia.

The Copenhagen-based maker of Tuborg beer said Wednesday that revenue, when excluding currency shifts and one-off effects, rose 2 percent from a year earlier to 31.8 billion kroner ($5 billion).

Net profit, however, rose 23 percent to 2.3 billion kroner. And operating profit before interest, taxes and one-time items stood at 4.1 billion kroner, nearly 20 percent up from the previous year, clearly beating market estimates.

CEO Cees't Hart said that Carlsberg "delivered a strong set of results for the first half-year, improving earnings and cash flow and reducing leverage," adding that he was particularly pleased with growing Tuborg volumes in Asia.