Carlsberg holds profit guidance despite weak China sales

By Jacob Gronholt-Pedersen

COPENHAGEN, Oct 29 (Reuters) - Danish brewer Carlsberg held its full-year profit guidance on Thursday after third-quarter sales matched expectations, though China remained a weak spot.  

• "The group delivered robust revenue growth in Q3, reflecting good momentum in many markets and the resilience of our multi-beverage portfolio, which more than compensated for the challenging trading environment in China," CEO Jacob Aarup-Andersen said in a statement

• Carlsberg said third-quarter sales reached 25.3 billion Danish crowns ($3.78 billion), up 5% from the same period last year. Analysts had expected sales of 25.2 billion crowns in a poll conducted by the company

• Organic volume sales in Asia dropped 6.7% in the quarter, mainly due to weak consumer sentiment in China and severe rainfall during the peak season in June and July, Carlsberg said

• The company said it still expects organic operating profit to grow by 4-6% this year

• Total volume sales rose organically by 0.3% to 40.8 million hectolitres in the quarter, compared to the 41 million expected by analysts

• Carlsberg’s premium beer portfolio declined by 3%, mostly due to weak sales in China but supported by solid growth in Europe and in South Asia, it said

($1 = 6.6949 Danish crowns)