Denmark's Carlsberg Breweries posted a smaller-than-forecast drop in nine-month profits on November 7 but cut its full-year forecast, as expected, as Russian pricing and currency difficulties took their toll, Reuters reported in a statement. "This has so far been a year of battles, not only with negative currency effects but also with a weak market," Chief Executive Nils Smedegaard Andersen said at a news conference.

Earnings before interest, taxes and amortisation (EBITA) in the nine months to September 30 fell 11 % from a year earlier to 2.92 billion crowns ($449.2 million), above the expected 2.80 billion crowns in a Reuters poll of 12 analysts. In the July-to-September period, EBITA rose 15 % to 1.67 billion crowns compared to the previous quarter and a forecast of 1.5 billion crowns in the Reuters poll.

The quarterly increase was chiefly attributable to a 29 % jump in the eastern European unit's EBITA to 602 million crowns, where beer sales increased eight percent in the quarter. In western Europe EBITA rose six percent to 945 million crowns on the quarter, with flat beer sales. Shares in Carlsberg were 2.5 % higher at 270 crowns by 1220 GMT. The stock has underperformed peers in the DJ Stoxx Food & Beverages index by 15 % this year, while falling 14.3 %.

Carlsberg said EBITA this year would fall 5% after adjustments for currencies compared to 2002, in line with analyst expectations. EBITA before currency adjustments was seen five percent higher. Previously, Carlsberg had expected EBITA to be flat at around 3.8 billion crowns.

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