Heineken doubles profit, but warns of rising costs By Reuters



© Reuters. FILE PHOTO: Bottles of Heineken beer are seen at a grocery store through the coronavirus illness (COVID-19) outbreak, in Bangkok, Thailand, October 12, 2020. REUTERS/Soe Zeya Tun/File Photograph

By Philip Blenkinsop

BRUSSELS (Reuters) -Heineken, the world’s second-largest brewer, reported first-half earnings above expectations on Monday, however warned of weak spot in the remainder of the yr as prices eat into margins and the COVID-19 pandemic continues to hit key markets.

The maker of Europe’s top-selling lager Heineken (OTC:), Tiger and Sol, mentioned working revenue earlier than one-offs doubled to 1.63 billion euros ($1.93 billion), in contrast with the common forecast in a company-compiled ballot of 1.22 billion euros.

Dolf van den Brink, who has been chief govt for a yr, mentioned the corporate was happy with a powerful set of first-half outcomes, however mentioned there was cause for warning, with outcomes anticipated to stay beneath pre-pandemic ranges in 2021 as a complete.

COVID-19 would stay an element, with the largest affect in key markets in Africa and Asia. Rising commodity prices would additionally begin affecting Heineken within the second half of 2021 and would have a “materials impact” in 2022.

Heineken beforehand forecast that market circumstances ought to enhance within the second half of 2021, relying on vaccine roll-outs.

($1 = 0.8427 euros)

Disclaimer: Fusion Media want to remind you that the info contained on this web site just isn’t essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs aren’t supplied by exchanges however moderately by market makers, and so costs is probably not correct and will differ from the precise market value, that means costs are indicative and never acceptable for buying and selling functions. Due to this fact Fusion Media doesn`t bear any duty for any buying and selling losses you would possibly incur because of utilizing this information.

Fusion Media or anybody concerned with Fusion Media won’t settle for any legal responsibility for loss or injury because of reliance on the knowledge together with information, quotes, charts and purchase/promote alerts contained inside this web site. Please be totally knowledgeable relating to the dangers and prices related to buying and selling the monetary markets, it is likely one of the riskiest funding varieties doable.





Source link