Danish brewer Carlsberg is cutting its growth forecast after posting a drop in second-quarter profit as drinkers in its key Russian market struggle to absorb higher beer prices.
DENMARK-CARLSBERG - Shares in the Danish brewing company Carlsberg have slid 18 percent after the company slashed its growth forecast for the year due to sluggish sales in one of its key markets.
Carlsberg is the world's fourth-largest brewer of beer and Russia accounts for around 40 percent of its total sales.
But high prices are putting off drinkers.
Carlsberg now says it expects profits to grow by 5-10 percent this year, down more than half from its previous estimate.
The news comes as the group reports a second quarter operating profit of 715 million dollars, which fell short of forecasts in a Reuters poll.
Hayley Platt, Reuters.