Heineken reports higher turnover

29th August 2007, Comments 0 comments

Heineken reports higher turnover

29 August 2007

AMSTERDAM - Brewery Heineken has reported turnover of EUR 6.1 billion for the first six months of this year. Turnover in the same period last year came to EUR 5.7 billion.

The operational profit came to EUR 906 million for the first half of 2007, compared to EUR 726 million for the same period last year.

The results are in line with analysts' expectations. They had anticipated turnover of EUR 6.2 billion and an operating result of EUR 861 million. Heineken announced its half yearly figures on Wednesday before the stock market opened.

The brewery expects sales volume of beer to grow in the second half of this year, but not as quickly as in the same period last year. The changeable weather is the reason for this tempered prognosis, Heineken said.

Heineken maintains the expectation that organic growth in profit for the whole of 2007 will be 20 to 25 percent. The prognosis was adjusted in early July as a result of higher sales in the first months of 2007 because of good weather throughout Europe.

Heineken saved EUR 75 million as part of its cost savings programme in the first six months of the year. Heineken wants to achieve savings of EUR 450 million in 2008. The brewery expects to save EUR 135 to 155 million over the year as a whole. The programme is on schedule.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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