22 Aug '12, 1pm

Heineken earnings hit overshadows Tiger bid success: SINGAPORE, Aug 22 – Higher input costs and weak European sa...

Heineken earnings hit overshadows Tiger bid success: SINGAPORE, Aug 22 – Higher input costs and weak European sa...

SINGAPORE, Aug 22 – Higher input costs and weak European sales depressed Heineken NV’s earnings in the first six months, overshadowing its promise of a better second half and a minor success in its battle for control of Asia’s Tiger beer. The world’s third-largest brewer suffered a 4 per cent decline in first-half net profit before one-offs on a like-for-like basis, against market expectations of growth, hit by rising production costs, weakness in Europe and investments in Africa. Heineken said beer drinking would stay subdued in western Europe in the second half, underlining its need for scale in faster-growing markets such as southeast Asia where it is battling for control of Asia Pacific Breweries (APB). Heineken raised its stake in APB to about 44.6 per cent after buying shares which sources said were from Singapore’s Temasek Holdings and other shareholders, underlinin...

Full article: http://www.themalaysianinsider.com/business/article/heine...

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