Heineken Drops as Brewer Cuts Forecast on Waning Consumption
- First-half profit drops 22% as volume falls more than expected
- Price increases drive drinkers away in key market Vietnam
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Heineken NV shares plunged after the Dutch brewer cut its earnings forecast on weakening consumption following double-digit price increases.
Operating profit slumped 22% on an adjusted basis in the first half, the Amsterdam-based brewer said Monday. Beer volume dropped more than expected as Heineken boosted pricing by almost 13%.