Heineken reports 37 per cent Q1 profit slide, hit in Russia

Dutch brewer Heineken today announced a 37-per cent dip in first-quarter profits partly owing to tough conditions in Russia, but said it remained on track for its 2014 targets.
The Amsterdam-based brewer posted USD 197 million year-on-year, down from 227 million euros, it said in a statement.
Revenue dropped by 3.1 per cent to 4.48 billion euros.
Sales were particularly affected in Russia in "challenging beer market conditions" as well as in Vietnam, plagued by a currency weakness and economic slowdown affecting consumer spending.
Including Russia, sales in central and eastern Europe dipped by 6.8 per cent, Heineken said.
Heineken also suffered lower sales, notably in Asia and the Pacific, with a slump of 8.4 per cent.

In Western Europe, sales were down by 1.8 per cent, including in Britain, where Heineken said bad weather earlier this year and the timing of Easter affected sales.

"Whilst economic conditions remained mixed, we will continue to invest in our portfolio brands, drive further cost savings and fully leverage the benefits of our ... Global footprint," group chief executive Jean-Francois van Boxmeer said.
"Heineken reaffirms its full year outlook for 2014," the company added.
Founded in the 19th century in Amsterdam, Heineken makes and sells more than 200 brands of beer and cider including Amstel and Strongbow.
The group employs approximately 70,000 people worldwide.