Weaker sales in Russia see Carlsberg shares suffer record fall

CARLSBERG, the world’s fourth-largest brewer, fell the most ever in Copenhagen trading yesterday after slashing its profit forecast because of weaker sales in Russia. The shares dropped as much as 19%, wiping 10 billion kronor (€1.32 billion) off the company’s market value.

Adjusted net income will rise 5% to 10% compared with a prior forecast of a 20% increase, the Copenhagen-based company said yesterday as it reported second- quarter earnings that missed analysts’ estimates.

Carlsberg, Russia’s biggest brewer, said the market there will decline at a “low single-digit” rate, compared with a previous forecast of 2% to 4% growth. The company cited higher taxes on beer and bad weather, and said it no longer expects to increase market share in Russia this year.