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Heineken reports lower third quarter earnings

By WTOP Staff

AMSTERDAM (AP) — Heineken NV says poor weather and weak economies in Europe dragged its third quarter earnings lower, though sales in developing markets grew strongly.

The Dutch brewer Wednesday reported net profit of 460 million euros ($585 million), from 483 million euros in the same quarter last year. Sales fell 1.5 percent to 5.10 billion euros. Chief Executive Jean-Francois van Boxmeer said that had it not been for a business the company sold and currency effects, sales would have grown 0.2 percent.

Revenues in its largest, most profitable market, Western Europe, fell 4.1 percent. But Van Boxmeer said the company won an unspecified amount of market share.

In Eastern Europe revenues fell 8.5 percent, while in the Americas they grew 2 percent, in Africa 3.6 percent, and in Asia 10 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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