Shares in Heineken witnessed their biggest drop in over three years on Monday, after quicker than expected expansion in one of its least profitable areas.

Its presence in Brazil grew quicker than expected during the first half of the year, after it became the biggest brewer in the country in the wake of its acquisition of Kirin Holdings Co last year. However, the group reported lower earnings per share than expected, at €1.89 over the first six months of the year.

Despite currency headwinds putting pressure on the business, revenue rose by 5.6 per cent. Overall beer volumes grew 4.5 per cent and volumes of the flagship Heineken brand rose 7.5 per cent.

Chairman and CEO Jean-Francois van Boxmeer said: “In the second half, we expect a continuation of our revenue growth and an acceleration of our operating profit growth on an organic basis. We continue to invest steadily behind our brands, innovations, e-commerce platforms and commercial strategy.”

Shares in Heineken (EPA:HEIA)are currently down 4.61 percent at 88.10 (0945GMT).