Heineken reports rise in first quarter profits due to acquisitions; sees weaker 2013 growth

AMSTERDAM – Heineken NV says its sales and profits rose in the first quarter, due to recent acquisitions. The Dutch brewer blamed austerity policies for weak European markets, and said growth in revenues for the full year would not be quite as strong as it hoped. It has not set any specific target.

The company reported net profit Wednesday of 227 million euros ($295 million), compared with 166 million euros in the first quarter of 2012. Revenues rose 8.1 per cent to 4.15 billion euros, which Heineken said was entirely due to acquisitions, notably of Asia Pacific Breweries, maker of Tiger beer. Heineken acquired the bulk of the company for $6.4 billion in November.

Without acquisitions, revenues would have declined 2.7 per cent, with lower volumes only partly offset by price hikes.