World: Heineken reports unexpected increase in beer shipments in Q1
Heineken NV, the worlds second-largest brewer, reported on April 19 an unexpected increase in beer shipments, led by standout growth in Asia.
Beer volume rose 0.6 percent in the first quarter, the Amsterdam-based company said, beating the 0.7 percent decline expected by analysts. The figure excludes the impact of acquisitions, disposals and currency swings. Profit rose 11 percent to 293 million euros ($314 million). The stock gained 1.2 percent in early trading.
The brewers Tiger brand has been driving growth in Asia, where Heinekens biggest markets include Vietnam and Cambodia. That helped prevent volumes from shrinking in the first quarter after Heinekens shipments accelerated in the past three years. The company reiterated that it anticipates an increase in sales and profit in 2017.
Asia Pacific continued to outperform and volume in Europe was solid, Chief Executive Officer Jean-Francois van Boxmeer said in the statement. Conditions in the companys Africa, Middle East and Eastern Europe division remain challenging, he said.
Heineken is also expanding in Africa, where its acquired Stellenbrau, a beermaker based in South Africas western Cape, submitted a bid for a local Coca-Cola bottler and built a brewery in Ivory Coast to take on market-leader Castel.
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