Dutch brewing giant Heineken has reported better than expected profits for the first half of the year as strong sales volumes in Africa and Asia helped offset weakness in developed markets.
'Trading conditions remained challenging in Europe and the USA,' Heineken chief executive Jean-Francois van Boxmeer said in a statement.
The company said its net profits were €621m for the first half of 2010, up 29% from the €483m reported for the same period of 2009.
In addition to the positive boost from Africa and Asia, the company benefited from cost-cutting measures which saved the group €104m.
Heineken said first-half revenues rose 5.2% to €7.52 billion, boosted by the inclusion of Mexican drinks group Fomento Economico Mexicano, which the company bought in January for €5.3 billion.
In addition to its namesake Heineken brand, the group sells more than 200 beer and cider labels including Amstel, Cruzcampo, Birra Moretti, Foster's, Strongbow and Tiger.
