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Carlsberg sees growth in Asia as other markets decline

COPENHAGEN, Denmark – Danish brewer Carlsberg said Thursday its second quarter net profit dropped 7.3% to 2.9 billion kroner ($458 million) as all its markets were affected “to a greater or lesser extent” by the global coronavirus outbreak.

The Copenhagen-based brewer said it saw “a modest decline in western and eastern Europe, while the solid growth continued in Asia.”

“Recognizing that we´re faced with a new market reality, including changed consumer preferences and a reduced level of on-trade activity, we´re taking measures to adapt our business accordingly,” CEO Cees ´t Hart said.

“To mitigate the impact of weaker volumes and mix, we´ve reinforced our focus on costs, cash and liquidity,” he said.

Carlsberg said its second quarter revenue declined 14.6% and total sales volumes declined 7.8%.

After suspending its outlook for 2020 on April 2 due to the uncertainty caused by the pandemic, the brewer issued a new one, saying operating profit is expected to decline by 10 % to 15%.

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