Carlsberg takes hit from Russian tax payments

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first_img Carlsberg takes hit from Russian tax payments KCS-content Monday 21 February 2011 7:16 pm Share whatsapp DANISH brewer Carlsberg blamed a sharp drop in fourth-quarter profit on an excise duty rise in its biggest market Russia and falling Eastern European sales.The world’s fourth biggest brewer said yesterday that organic operating profit growth declined significantly in its key Eastern European market, although it was strong in Northern and Western Europe and Asia in the fourth-quarter.Despite the drop, Carlsberg’s B shares rose by 0.8 per cent to close at 566 kroner following the below-forecast figures. Beer volumes in Eastern Europe declined organically by nine per cent, mainly driven by destocking in the first quarter of 2010, and significant price increases in Russia following a 200 per cent excise duty increase from 1 January, 2010. That had led distributors to build stocks at the end of 2009, ahead of the duty increase, the company said. whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Tags: NULL Show Comments ▼last_img read more