World: Carlsberg reports 14.6% second-quarter group revenue decline
Danish brewer Carlsberg reported on July 10 that its second-quarter group revenue declined 14.6 percent and total volumes declined 7.8 percent, both on organic terms.
Meanwhile, the company reported improved performance in Western European region towards the end of the quarter. Further, Chinese business rebounded strongly in the quarter and profits improved significantly.
Carlsberg shares were gaining around 5 percent in the early morning trading in Denmark.
In the Western European region, the company reported a very difficult start to the quarter. Improved performance towards the end of the quarter reflected gradual reopening of the on-trade channel and subsequent restocking in many markets, as well as good weather in June.
In Asia, Chinese business was benefited by cost reductions and the fact that many marketing activities were postponed to the second half. Meanwhile, sales in the other markets in Asia were significantly impacted by the lockdowns, especially in India and Nepal.
In Eastern Europe, businesses have so far been less impacted by the pandemic due to limited on-trade exposure.
For the first half, group revenue declined 11.6 percent organically and total volumes declined 7.7 percent.
The company expects to report an organic decline in operating profit of 8.9 percent.
In Denmark, Carlsberg shares were trading at 912.20 Danish kroner, up 4.73 percent.
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