Carlsberg forging ahead despite Russian woes – The Post

Carlsberg forging ahead despite Russian woes

Growth soars in Asia, but tumbles in eastern Europe

Not sure they are agreeing with that slogan in Moscow at the moment (photo: iStock)
May 12th, 2015 11:13 am| by Christian W

All was quiet on the eastern front when Carlsberg presented its financial results for the first quarter of 2015 today. A little too quiet.

Fortunately, the Danish brewery giant has forged ahead in western Europe and in Asia to reach profits of 97 million kroner, an improvement of 19 million kroner compared to the first quarter last year.

“The group’s achievements in the traditionally small first quarter lived up to our expectations,” said Jørgen Buhl Rasmussen, the CEO of Carlsberg.

“Our commercial activities provided good initial results, and we reached strong growth in market shares everywhere.”

READ MORE: Carlsberg maintains financial outlook despite eastern European challenge

Asian delights
But the Russian market remains Carlsberg’s biggest problem and the company saw a turnover of 1.7 billion kroner in eastern Europe, which is a 30 percent decrease compared to the previous year.

The brewery’s 13.5 billion kroner turnover in the first quarter was helped along by 7 percent turnover growth increase in western Europe and a whopping 29 percent ditto in Asia.

Carlsberg has maintained its annual financial expectations following the first quarter results.