Heineken profits boosted by recent acquisitions

Wednesday 24 April 2013 09.29
Dutch brewer reports weak European markets
Dutch brewer reports weak European markets

Heineken said today that its sales and profits rose in the first quarter, due to recent acquisitions.

The Dutch brewer blamed austerity policies for weak European markets, and said growth in revenues for the full year would not be quite as strong as it hoped. It has not set any specific target.

The company said its net profit came to €227m, compared with €166m in the first quarter of 2012.

Revenues rose 8.1% to €4.15 billion, which Heineken said was entirely due to acquisitions, notably of Asia Pacific Breweries, maker of Tiger beer.

Heineken acquired the bulk of the company for $6.4 billion in November.

Without acquisitions, revenues would have declined 2.7%, with lower volumes only partly offset by price hikes.