(Bloomberg) -- Carlsberg A/S warned that first-half profit declined and that the outlook for summer beer sales is uncertain as the Covid-19 outbreak expands in Russia, one of its largest markets.
Operating profit fell about 8.9% in the first half, the Danish brewer said Friday. Sales in eastern Europe haven’t yet been hit hard by the pandemic, though revenue from western Europe dropped 15% in the second quarter.
The shares rose about 5% in early trading. Carlsberg said so far its business in eastern Europe has been shielded by its limited exposure to the bar and restaurant market there.
“Although government lockdowns are gradually being lifted, the sales development across our regions in the coming months continues to be volatile and uncertain, not least during the important summer months,” the brewer said. “Consequently, the 2020 guidance remains suspended.”
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