Carlsberg Sales Beat Analysts’ Estimates

(Bloomberg) --

Carlsberg A/S joined Heineken NV in reporting a strong start to the year as Asian revenue surged, helped by the acquisition of Cambrew, a Cambodian brewer.

• Revenue in the first quarter rose 6.4 percent on an organic basis, reaching 13.9 billion kroner ($2.1 billion), while analysts expected 13.5 billion.

Key Insights

• After having spent several years cutting costs, Carlsberg is now focusing on how to boost sales growth, and this quarter is a good first step. International brands such as Carlsberg, Tuborg and 1664 Blanc performed especially well in China, Chief Executive Officer Cees ’t Hart said.
• The figures are a balm for ’t Hart, who suffered a rebuke from shareholders last month when they protested a bonus payment. His challenge will be to continue accelerating sales growth as larger rival Anheuser-Busch InBev NV boosts marketing.
• The CEO said ongoing talks with the Vietnamese government to acquire more shares in state-owned brewer Habeco are going well. Carlsberg has been in such negotiations for years as it seeks more assets to expand in the fast-growing market.

Market Reaction

• The shares rose 0.9 percent to a record in morning trading in Copenhagen. They have risen 27 percent this year.

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To contact the reporter on this story: Thomas Buckley in London at tbuckley25@bloomberg.net

To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Thomas Mulier, John J. Edwards III

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