Shares in Danish brewer Carlsberg (CPH:CARL-B) plunged more than 7 percent this morning after reporting disappointing half-yearly results.
Operating profit before special items fell 18.9 percent to 2.92 billion Danish crowns ($432 million) in April to June, below a forecast of 3.24 billion crowns in a Reuters poll.
Group beer volumes declined by 5 percent due to continued decline in Russia and Ukraine and bad weather in Western Europe.
However, the group saw strong performance of their international premium brands, including Tuborg, which was up 16 percent, and Somersby, up 26 percent.
CEO Cees ‘t Hart said in a statement: “The first half of 2015 has been challenging for the Group. For the full year, we therefore do not expect that the strong Asian performance will be enough to offset the weaker than expected results in Western Europe and the challenging market conditions in Eastern Europe.”
The group revised their earnings expectations for the year, with profits taking a 300 million crown hit.
Carlsberg are currently trading down 8.05 percent (0958GMT)
