Carlsberg has cut its annual profit forecast after quarterly earnings missed estimates amid plunging volume in Russia and slower-than- expected cost savings in western Europe.

Carlsberg has reported second-quarter profits that missed estimates as unseasonably wet weather stunted sales in Europe and the company increased advertising spending.

Carlsberg, the world’s fourth-largest brewer, says full-year profit declined 4.2% because of a weaker Russian market and forecast no improvement this year as sales fall in northern and western Europe.

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.