Heineken’s Q1 prof­its al­most dou­ble thanks to sale of EM­PAQUE

The China Post - - WORLD BUSINESS -

Dutch brewer Heineken said Mon­day its first quar­ter prof­its had al­most dou­bled, with net earn­ings ris­ing by 81 per­cent to 1.14 bil­lion eu­ros.

The big rise in prof­its was driven by higher sales and a big tax gain on the sale of its Mex­i­can pack­ag­ing arm.

Heineken sold EM­PAQUE, one of Mexico’s big­gest drinks can and bot­tle mak­ers to U.S. Crown Hold­ings in Fe­bru­ary for 1.2 bil­lion eu­ros (US$1.3 bil­lion).

The con­sol­i­dated turnover of the world’s third largest brewer af­ter InBev and SABMiller reached 10.93 bil­lion eu­ros, a rise of 7.2 per­cent, it said.

Heineken’s CEO Jean-Fran­cois van Boxmeer said he was de­lighted with the re­sults par­tic­u­larly since they came from a solid base and de­spite “dif­fi­cult con­di­tions in cer­tain mar­kets”.

Last year the brewer’s sec­ond quar­ter re­sults were boosted by the soc­cer World Cup, par­tic­u­larly in western Europe.

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