Carlsberg Stock Stumbles
Carlsberg says it expects to deliver mid-single-digit organic operating profit growth in 2017 and a further reduction in financial leverage.
Carlsberg (CABGY) shares fell sharply in the opening hour of trading on Wednesday after the brewer said it expected to deliver mid-single-digit organic operating profit growth in 2017 as sales in its key Russian market suffer from a ban on larger bottles.
Carlsberg reported a full-year net profit of Dkk4.49 billion ($645 million) for 2016, largely in line with analysts' forecasts, and a 5% increase in operating profit. However, the brewer warned that the Russian market, where Carlsberg sells about about a third of its beer, is expected to shrink by at least 5% this year after the country banned 1.5 liter plastic bottles as of this year.
