Heineken failed to satisfy its most optimistic investors by leaving its full-year profitability forecast unchanged, taking the shine off beer shipments that beat analysts' estimates.

Currency pressures have increased in Latin America, while shipments declined in the business unit that includes Russia and Africa, the Dutch company said in a statement Wednesday. The shares fell as much as 2.5 per cent in Amsterdam.

"I think some investors were hoping Heineken would raise guidance and they didn't," Trevor Stirling, an analyst at Sanford C Bernstein, said. "The underlying numbers were pretty good."

Developing markets

Chief executive Jean-François van Boxmeer is seeking growth from developing markets such as Vietnam and Cambodia to offset falling demand in Russia and Brazil..

Third-quarter volume increased 2 per cent on an organic basis, led by a 15 per cent gain in the Asia Pacific region. Analysts expected 1.4 per cent growth. Nine-month profit fell 30 per cent to €1.24 billion after a one-time gain of €379 million from the sale of Mexican packaging operations boosted results in the year-earlier period.

– Bloomberg