Page last updated at 11:16 GMT, Wednesday, 5 August 2009 12:16 UK

Carlsberg profits up in recession

Carlsberg cans on assembly line
The market remains challenging, Carlsberg said

Pre-tax profits at Carlsberg jumped to 3.025bn Danish kronor (£344m; $584m) in the second quarter, up from 2.247bn kronor in the same quarter last year.

The Danish brewing firm increased its market share in Russia, East Europe and Asia, it said.

Beer lovers tend to continue drinking during recessions, but Carlsberg said the market environment was tough.

It added:"The intensified focus on efficiencies more than offset the ongoing market challenges."

Beer markets will contract in Northern and Western Europe, it said, with the Russian beer market forecast to decline by 5 to 6%.

As a result, it forecasts net revenue of about 61bn kronor, down from a previously forecast 63bn kronor.

"The market environment remains challenging and some markets, in particular Russia, are now expected to decline more than Carlsberg previously anticipated. Consequently, Carlsberg has reduced the net revenue outlook for the year," it said in a statement.

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