Sales by Danish brewer Carlsberg have suffered from Europe's cool summer and a disappointing outlook knocked its shares today.
First-half earnings before interest, tax and amortisation (EBITA) rose 23 per cent from a year earlier to 1.5 billion Danish crowns ($247 million).
But Carlsberg said its operating profit included property gains of 410 million crowns, against 107 million in the year-ago period. Net profit rose to 384 million crowns versus 363 million last year and an expected 309 million.
The brewer said it increased marketing costs to strengthen its position in a difficult market, while bad weather in Northern Europe, which continued in July, also had an adverse effect on profits.
"It was a disappointing report, and it confirms the concerns we had ahead of it," said Mr Jyske Bank analyst Anette Nikolajsen.
Carlsberg shares fell after the report and by this afternoon stood 2.4 per cent down at 286 crowns, trailing the Copenhagen benchmark KFX index, which was up 0.7 per cent.