Russia tensions hit brewer Carlsberg

COPENHAGEN, Denmark (AP) — Danish brewer Carlsberg says uncertainty in its vast Russian market led to a loss of 67 million kroner ($12.49 million) in the first quarter of 2014.

Last year, the net profit was of 62 million kroner for the three month period ending March 31. Revenue grew slightly to 12.9 billion kroner ($2.4 billion), from 12.7 billion kroner. Organic beer volumes for the group dropped 3 percent.

Carlsberg said Wednesday "eastern Europe is having a further negative impact on the economies and consumer sentiment and consequently, we now assume that the Russian market will decline mid-single-digit."

The group said it expected the results "to be impacted more negatively by currencies than previously anticipated." Carlsberg shares were flat at 533.50 kroner in afternoon trading in Copenhagen.

Related Headlines

  • Bearded drag queen in Eurovision spotlight

    When Austria's entry takes the stage Thursday at the Eurovision Song Contest in Copenhagen, the spotlight will slowly reveal a lone figure with wide sensual eyes, glossy ... 

  • Vladimir Putin

    BP warns of impact of Russia sanctions on profits

    Energy company BP warned Tuesday that further international sanctions on Russia could hurt its profits because of its stake in the country's oil giant, Rosneft. The company ... 

  • MasterCard 1Q profit rises 14 percent

    MasterCard's net income climbed 14 percent in the first quarter, as increased spending by cardholders worldwide helped boost revenue. The results beat Wall Street estimates, ... 

Find the best rates

Find your future job here