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The Canadian Press - ONLINE EDITION

Heineken reports sales and profit drop slightly in first half 2014; sees underlying strength

AMSTERDAM - Heineken NV, the Amsterdam-based brewer, has reported first half earnings that show a small drop in both revenues and profits — but says its underlying performance was good.

Net profit was 631 million euros ($840 million), from 639 million euros in the same period a year ago. Sales were down 1.4 per cent to 10.2 billion euros, which Heineken, the largest brewer by sales within Europe, said was partly due to the strong euro. Stripping out currency and acquisition effects, Heineken said beer prices were up 1.5 per cent, and volumes increased 3.9 per cent.

Chief Executive Jean-Francois van Boxmeer said Wednesday the company's operations grew on a like-for-like basis in almost all regions in the first half but warned that growth in underlying profit and revenues would "moderate" in the second half.

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