Danish brewer Carlsberg says its profit nose-dived in the fourth quarter due to slumping sales in the key Russian and eastern European markets.
Net profit was 168 million kroner ($25.2 million), compared with 1.1 billion kroner in the same period last year.
The Copenhagen-based company said Wednesday that revenue fell to 14.3 billion kroner from 15.2 billion kroner a year ago.
Carlsberg expects sales in western Europe and Asia to continue develop positively, while currency devaluation both in Russia and Ukraine will put "significant pressure" on its performance this year.
The company owns a range of brands across the world, including Baltika Breweries in Russia.
Carlsberg said separately its CEO, Jorgen Buhl Rasmussen, will retire and be replaced by Cees't Hart from Dutch dairy company Royal FrieslandCampina, effective June 15.