AMSTERDAM- Heineken NV Wednesday reported a 1.3% drop in net profit for the first six months of the year as currency movements and divestments weighed on sales, while it expects organic growth to moderate in the second half of the year.
The Dutch brewer said net profit for the first half of the year was 631 million euros ($842 million), from EUR639 million in the year-ago period.
Revenue dropped 0.9% to EUR9.27 billion, from EUR9.35 billion in the first half of 2013. The sale of a beverage company in Finland and negative foreign exchange effects offset volume growth and higher prices for its products. On an organic basis revenue grew 4.8% on 3% volume growth and 1.8% higher revenue per hectoliter.
For the remainder of the year the company said that despite the mixed economic outlook, organic revenue and profit are expected to keep growing, albeit at a slower pace than during the first half of the year.
"We are confident that our strong brand portfolio, geographic breadth and focus on cost control will result in healthy top and bottom line growth in 2014 and beyond," Chief executive Jean-Francois van Boxmeer said.
Write to Robin van Daalen at Robin.VanDaalen@wsj.com
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