Heineken 1Q Profit Rose on Higher Volumes, Warns of Currency Hit to Full Year -- Update
21 April 2021 - 5:39PM
Dow Jones News
By Matteo Castia
--Heineken's first-quarter net profit rose thanks to higher
volumes in over 40 markets
--The brewer expects trading conditions to improve in parallel
with the rollout of vaccinations
--However, foreign-currency effects are expected to hurt
Heineken's results this year
Heineken NV reported Wednesday a rise in net profit for the
first quarter on the back of higher volumes in more than 40 of its
markets, but warned it expects negative currency effects to hit its
full-year results.
The Dutch brewer posted a net profit of 168 million euros
($202.2 million) for the quarter, compared with EUR94 million in
the year-earlier period and EUR299 million in the comparable period
in 2019.
The company said it expects currency translation to have a
negative impact on its full-year results, delivering blows of
EUR570 million on net revenue, EUR100 million on operating profit,
and EUR50 million on net profit.
The company said first-quarter volume for the Heineken brand
rose 12% year-on-year, driven by progress in Eastern Europe,
Africa, Middle East, Asia Pacific, and, at a more modest pace, in
the Americas.
Europe was in decline as the on-trade channel was hurt by the
coronavirus pandemic and associated restrictions, Heineken
said.
"We expect market conditions to gradually improve into the
second part of the year, depending on the rollout of vaccines," the
company said.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
April 21, 2021 03:24 ET (07:24 GMT)
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