Heineken reports sales, profit drop in first half

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Amsterdam • Heineken NV, the Amsterdam-based brewer, has reported first half earnings that show a small drop in both revenues and profits — but says its underlying performance was good.

Net profit was $840 million, from $841 million in the same period a year ago. Sales were down 1.4 percent, which Heineken, the largest brewer by sales within Europe, said was partly due to the strong euro. Stripping out currency and acquisition effects, Heineken said beer prices were up 1.5 percent, and volumes increased 3.9 percent.

Chief Executive Jean-Francois van Boxmeer said Wednesday the company's operations grew on a like-for-like basis in almost all regions in the first half but warned that growth in underlying profit and revenues would "moderate" in the second half.