Denmark’s Carlsberg says Q3 profits rise 3 per cent despite challenging market conditions

COPENHAGEN – Denmark’s Carlsberg A/S says its stringent control of costs helped it modestly increase profit in the third quarter in spite of uncertain market conditions.

The Copenhagen-based brewer said Wednesday net profit during the quarter rose 3 per cent to 2.2 billion Danish kroner ($395 million) from 2.1 billion kroner from the same period the year before.

The rise came despite an equivalent fall in revenues to 18 billion kroner.

Carlsberg said more favourable weather in Western European markets helped its business. However, it said the trading environment remained challenging in Eastern Europe, especially Russia, which continued to be impacted by outlet closures and waning economic growth.

CEO Joergen Buhl Rasmussen said he was satisfied the group could deliver earnings growth considering the conditions and that Carlsberg maintains a solid market share.