Solid 1st quarter results for Carlsberg
Carlsberg Breweries is going to buy back shares up to the value of DKK1 billion the brewer announced in May on the presentation of its 1st quarter results. Operating profit has tripled to DKK439 million (US$54 million) way ahead of forecasts of DKK238 million.
This has been driven by a significant improvement in Western Europe where EBIT was up from DKK32 million to DKK139 million, especially in Sweden where the beer market grew 4 percent in Q1 2002.
Despite this improvement, analysts complained that EBIT margins in Western Europe remained slim at 2.5 per cent compared with 11 per cent in Eastern Europe - a decline from 13.1 per cent last year due to unfavourable market conditions in Poland and Turkey.4 per cent to date. The outlook for the full year is encouraging..
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