Heineken Profits Down, Blames Competition And Weather

Bloomberg:

Heineken NV, the Dutch brewer that sells beer in more than 170 countries, said first-half profit fell 30 percent because of a European Union fine and lowered its forecast for U.S. sales of Premium Light.

Net income was 302 million euros ($410 million), or 62 cents a share, compared with 433 million euros, or 88 cents, a year earlier, the Amsterdam-based company said today in a statement. Sales rose 6.8 percent to 6.1 billion euros.

Heineken was fined 219 million euros in April for alleged price-fixing in the Netherlands between 1996 and 1999, and the brewer plans to appeal. The company said wet summer weather reduced European sales and forecast a loss for Premium Light because of ``stiffer'' competition.

Read the whole story: Bloomberg