Heineken has today issued a gloomy earnings report, as it said its first half profit fell 17% because of bad weather, weak consumer sentiment in Europe and the US, and slowing growth in developing countries.
Chief executive Jean Francois van Boxmeer said that the outlook for the second half is similar.
"Although the volume trends have improved in July with the warm summer weather in Europe, economic conditions in several of our core markets continue to constrain consumer spending," he said in a statement.
Net profit at the world's third-largest brewer was €639m, down from €766m a year ago.
Revenues rose 3% to €10.4 billion, but that was due to Heineken's takeover of Asian Pacific Breweries, the maker of Tiger beer.
Amsterdam-based Heineken bought the 58% stake in APB it did not already own for €4.8 billion last November. Without the whole of APB, first half sales would have fallen by 1%, Heineken said.
Volumes in the six month period were down 3%, though average selling prices were 2% higher.
Heineken said the US market was hurt by slow economic growth and bad weather. However, it said its Dos Equis, Tecate Light and Strongbow cider brands all grew strongly. Sales volumes of the Heineken brand itself were lower.
