Heineken (HEINY shares fell on Monday after the world's third-largest brewer warned of increasing currency headwinds and "tough comparatives" in the second half while sticking to its full-year outlook.

The Amsterdam-based company said that first-half operating profit before exceptional items rose 10.1% to €1.705 billion ($1.90), beating the €1.67 billion consensus forecast in a Reuters analyst poll.

Net profit increased by 6.8% to €977 million, beating market bets on €962 million.

Beer volumes grew by 4.3% in the first half as revenue increased by 4.7% on an organic basis to €10.09 billion. Revenue per hectolitre went down by 4.9%

The brewer said it still expects to deliver further organic revenue and profit growth for 2016, with its profit margin growing by about 40 basis points this year, as it had previously forecast.

"This takes into account the tough comparatives and increasing currency headwinds in the second half of the year," it said.

Heineken shares were down 2.7% in Amsterdam on Monday morning at €82.15, giving it a market value of around €48.6 billion. The stock is up 17% over a year ago.

Among its industry peers, Bud Light maker Anheuser-Busch InBev (BUD , of Leuven, Belgium, has gained 10.8% over the same period, while Britain's SABMiller (SBMRY has gained 34% over the past year.

SABMiller on Friday said it's target's board will unanimously recommend the cash part of ABInBev's revised takeover offer, after the Belgium-based buyer raised its offer to £79 billion ($104.57 billion) from £73 billion agreed last year.