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Carlsberg posts 4 percent gain in 3Q profit

Carlsberg A/S on Wednesday posted a 4 percent increase in third-quarter earnings but downgraded its full-year forecast and said it would close its brewery in Leeds, Britain and lay off 250 employees to reduce costs.

The Danish brewer said net profit was 1.22 billion kroner ($210 million) in the June-September quarter, up from 1.18 billion kroner in the same period last year.

Sales rose nearly 50 percent to 18.4 billion kroner ($3.17 billion) from 12.4 billion kroner in the same quarter of 2007.

Carlsberg said the company would lay off 170 workers at the Leeds brewery. It also said it plans to cut 80 jobs in the Baltic countries. Carlsberg had previously announced plans to cut 214 jobs in France amid weakening market development in northern and western Europe.

The company revised its projected operating profit for 2008, saying it would grow 8 percent to 5.4 billion kroner ($930 million), down from a previous estimate of 12 percent growth.

Carlsberg shares fell by 5.25 percent to 243.5 kroner ($41.95) in Copenhagen.

"Full year earnings expectations are marginally revised, primarily reflecting negative impact from the United Kingdom and the Baltics and the impact from the current consumer and customer sentiment," Carlsberg said in a statement.

Earlier this year, the Copenhagen-based brewer bought Scottish & Newcastle together with Dutch rival Heineken NV.

written on 09.11.2008 um 18:44.

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