Carlsberg sales hit by Russian move to limit bottle sizes - Newschannel 6 Now | Wichita Falls, TX

Carlsberg sales hit by Russian move to limit bottle sizes

COPENHAGEN, Denmark (AP) - Danish brewer Carlsberg says its profits and sales fell last year, partly because of weakness in its key Russian market, where a law limited the maximum size of plastic bottles.

Carlsberg said Wednesday that its 2017 net profit fell to 1.26 billion kroner ($210 million), from 4.49 billion kroner a year earlier. Revenue dropped to 61.8 billion kroner from 62.6 billion kroner.

The company said that sales volumes in Russia, which accounts for a fifth of its revenue, fell 14 percent and its market share dropped to 31.9 percent from 34.6 percent. It also booked a 4.8 billion kroner ($800 million) impairment charge for its Baltika brand following the change to the size in the popular so-called PET bottles.

Fourth quarter sales dropped marginally to 23.6 billion kroner ($4 billion).

CEO Cees 't Hart said Carlsberg delivered "a strong set of results for 2017, fuelled by disciplined execution of our efficiency program." He said the program would save about 2.3 billion kroner ($383 million), "well above" the initial expectations for 1.5-2.0 billion kroner.

Carlsberg shares dropped 3.7 percent in morning trading in Copenhagen to 713.8 kroner.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • News HeadlinesNewsMore>>

  • The Latest: Russian skater Medvedeva breaks own record

    The Latest: Russian skater Medvedeva breaks own record

    Tuesday, February 20 2018 8:12 PM EST2018-02-21 01:12:24 GMT
    Wednesday, February 21 2018 12:14 AM EST2018-02-21 05:14:56 GMT

    The Trump administration says Vice President Mike Pence was ready to meet with representatives from North Korea during his visit to the Olympic Games in South Korea but that North Korea canceled at the last minute.

    The Trump administration says Vice President Mike Pence was ready to meet with representatives from North Korea during his visit to the Olympic Games in South Korea but that North Korea canceled at the last minute.

  • Closings & Cancellations

    Closings & Cancellations

    Wednesday, February 21 2018 12:14 AM EST2018-02-21 05:14:14 GMT
    (Source: RNN Texoma)(Source: RNN Texoma)

    Newschannel 6 is working to monitor the latest closures, delays and cancellations across Texoma due to inclement weather.

    Newschannel 6 is working to monitor the latest closures, delays and cancellations across Texoma due to inclement weather.

  • US: North Korea canceled meeting with Pence at last minute

    US: North Korea canceled meeting with Pence at last minute

    Tuesday, February 20 2018 7:32 PM EST2018-02-21 00:32:15 GMT
    Wednesday, February 21 2018 12:13 AM EST2018-02-21 05:13:12 GMT

    US says Pence was ready to meet with North Korea at Olympics, but North Korea canceled at last minute.

    US says Pence was ready to meet with North Korea at Olympics, but North Korea canceled at last minute.

Powered by Frankly