Eastern Europe, Russia woes weighs on Carlsberg's Q2 profit, full-year profit cut

MarketsAssociated Press

Danish brewer Carlsberg says uncertainty in its eastern European and vast Russian market continued to weigh on its financial performance during the second-quarter of the year.

Carlsberg said Wednesday net profit grew slightly to 2.2 billion kroner ($39.4 million), up from 2.1 billion for the same period a year ago, on a modest revenue increase to 19.2 billion kroner ($3.4 billion) for the three-month period ending June 30 against 19.06 billion kroner.

Continue Reading Below

The group said its eastern European markets are "increasingly challenging and uncertain," and expects them to deteriorate further in the second part of 2014 especially with consumption declines in Russia and Ukraine.

Carlsberg's full-year net profit was expected "to decline by mid- to high-single-digit percentages."