Danish brewer Carlsberg posted a smaller-than-forecast drop in nine-month profits today but cut its full-year forecast.
As expected, the group's Russian unit weighed on profitability.
Earnings before interest, taxes and amortisation (EBITA)fell to 2.92 billion krone (€393.4 million) from 3.3 billion krone in the first nine months of 2002, against an forecast 2.80 billion krone.
In the July to September period, EBITA rose 15 per cent to 1.67 billion krone quarter-on-quarter, compared to the polled 1.5 billion krone.
Carlsberg said earnings this year would fall 5 per cent afterbadjustments for currencies compared to 2002, in line with analyst expectations.
Carlsberg's 50 per cent-owned Baltic Beverages Holding,the brewer of Russia's top-selling Baltika beer, saw EBITA fall 17 per cent to 853 million krone due to exchange rates and the fact that sales prices have not been raised in line with inflation, it said.