Heineken NV, Europe's largest seller of beer, says first half earnings were down from the same period a year ago, when it booked a one-time gain, and it expects flat full year earnings.
Net profit in the first half of 2011 was 605 million euros, down from 700 million euros in the same period a year ago, when Heineken booked a gain of 157 million euros on the sale of its Indonesian subsidiary.
Sales rose 11% to 8.36 billion euros, mostly due to the acquisition of brands including Dos Equis and Tecate. The company said comparable sales rose 3.3%.
The family-controlled company said commodity costs, high unemployment and weak consumer confidence will remain a drag on its business in Europe and the US, offset by growth in emerging markets.