Heineken raises forecasts slightly

Dutch brewing giant Heineken yesterday raised its 2009 profit forecasts slightly after a positive third quarter when sales held steady.

Heineken said it now expected “organic net profit growth to (be in) low double-digit for the full year 2009, versus a previous forecast of at least high single digit.”

The company said this reflected a positive three months to September when operating profit showed a double-digit gain despite the adverse impact of currency changes.

The dollar has come under great pressure in recent months as investors seek higher returns elsewhere, with the euro rising some 20 per cent against the US unit to spark concerns that eurozone exports could be hit.

Heineken said third quarter sales slipped 0.4 per cent to €4.07 billion. In the first six months of the year, sales were up 11.5 per cent from a year earlier to €7.15 billion.

However, first half profit was down 10.5 per cent at €483 million.