World: Heineken reports Q1 net profit of 94 mln euros versus 299 mln in Q1 2019
Heineken N.V. reported net profit of 94 million euros for the first three months of 2020 compared to 299 million euros in the prior year, impacted by the volume drop in March due to Covid-19 and limited benefit from the mitigation actions. The company has decided to withdraw all guidance for 2020.
First quarter beer volume declined 2.1% organically. Heineken volume was up 5.0% in the quarter.
The company stated that the initial impact of the Covid-19 crisis is visible in the volume performance of the quarter and is expected to worsen in the second quarter. The second half of the year is also expected to be impacted, Heineken noted.
The company will not pay an interim dividend following its half year results in August 2020.
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