Carlsberg shares fall after brewer cuts profit forecast
Shares of Danish brewer Carlsberg are falling sharply, after the company lowered its annual profit forecast.
The company blamed the "market decline in Eastern Europe" for offsetting strength in Asian markets.
Carlsberg shares are down more than 9% in Copenhagen.
Ukrainian sales fell by an estimated 17% "as a result of the deteriorating economic climate as well as significant price increases" applied to keep up with high inflation, the company said.
"For the full year, we therefore do not expect that the strong Asian performance will be enough to offset the weaker than expected results in Western Europe and the challenging market conditions in Eastern Europe," said chief executive Cees 't Hart.
Bad weather also hurt the brewer's bottom line in Western Europe.
The company also reported adjusted net profit fell 23% to 1.73bn Danish kroner (£163m) in the first half of the year.
Mr 't Hart joined the company in mid-June.
"While I'm delighted with the enthusiasm and commitment of our employees, I also recognise that we must step up further to achieve the full potential of the group," he said. "To do so, we have initiated a process of revising the group's strategy to re-establish and further strengthen our financial flexibility."
Carlsberg's brands include Kronenbourg 1664, Holsten Pilsner and of course, Carlsberg.
Earlier this month, Carlsberg's rival, Heineken, reported better than expected first-half results.