World: Heineken reports EUR297 mln net loss for half year ended June 30
Heineken Holding NV said on August 3 that it won't pay an interim dividend as it reported a swing to net loss, as revenue and volumes fell due to the impact of the coronavirus pandemic.
The Dutch brewer said it won't make any structural layoffs this year due to the pandemic.
Net loss for the half year ended June 30 was 297 million euros ($349.9 million) compared with a profit EUR936 million for the first half of 2019 and analysts' forecasts of EUR137 million profit, taken from FactSet and based on one analyst's forecasts.
Adjusted operating profit - one of the company's preferred metrics that strips out exceptional and other one-off items - fell 53% organically to EUR827 million, from EUR1.78 billion. Heineken said on July 16 that adjusted operating profit was expected to fall 53% due to a hit on volumes from the coronavirus pandemic.
Revenue for the half year was EUR9.24 billion compared with EUR11.44 billion, a fall of 16% on an organic basis and in line with July's forecast for a 16% fall.
The company said that it is well prepared to meeting its financial commitments but as a measure of prudence won't pay an interim dividend this period.
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