Carlsberg raises 2020 outlook on strong sales in China, Eastern Europe

Danish brewer Carlsberg on Thursday raised its full-year earnings expectations after positive momentum last month, buoyed by solid sales in Eastern Europe and an improved outlook in China.

Carlsberg beer cans are seen at a pub in Mumbai, India, October 20, 2018. Picture taken October 20, 2018. REUTERS/Danish SiddiquiCOPENHAGEN: Danish brewer Carlsberg on Thursday raised its full-year earnings expectations after positive momentum last month, buoyed by solid sales in Eastern Europe and an improved outlook in China.

The world's third-biggest brewer after Anheuser Busch InBev and Heineken now expects a"high-single-digit percentage" fall in organic operating profit versus its previous expectation of a 10per cent-15per cent decline.Carlsberg said the new outlook reflected"better than expected August results, continued solid volume development in Eastern Europe and an improved outlook in western China after the recent relaxation of second-wave COVID-19 restrictions.

The Copenhagen-based brewer warned last month that although drinkers had started to return to bars and restaurants in China and Western Europe over the summer, lockdowns were likely to keep sales subdued in the second half of the year. Shares in Carlsberg traded 3.5per cent higher following the news. At 1243 GMT, they were up 1.5per cent at 883 Danish crowns, up from a March low of 650 crowns.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Recession? 2020 new home sales could top 2019'sDESPITE economic headwinds and the Hungry Ghost Festival, developers in Singapore sold 1,256 private homes in August, 16 per cent higher than July's take-up. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Four debut novels make 2020 Booker Prize shortlistLONDON (AFP) - Four debut novelists were on Tuesday (Sept 15) shortlisted alongside Zimbabwean author Tsitsi Dangarembga and Ethiopian-American Maaza Mengiste for the Booker Prize for best English-language fiction, to be awarded in November.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Global recession not as deep as expected in 2020: OECDPARIS: The global recession this year will not be as deep as expected, as a result of countries' efforts to counter the economic fallout from the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

General Electric expects cash flow to turn positive in H2 of 2020: CEOGeneral Electric Co expects free cash flow to turn positive in the second half of 2020, Chief Executive Officer Larry Culp said at a Morgan ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Post-Covid-19 pandemic job market - crisis or opportunity for graduating class of 2020?. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Fed projections show it sees smaller economic hit in 2020 than previously expectedThe Federal Reserve signaled on Wednesday it expects the U.S. economic recovery from the coronavirus crisis to accelerate with unemployment ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »