Heineken posts mediocre 2004 results, sees tough 2005

0 Comments | AFP, February, 2005

AMSTERDAM (AFP) — The Dutch brewer Heineken posted mediocre 2004 results that were nonetheless in line with analysts' forecasts, and warned that the dollar's current level would weigh on growth this year.

Net profit fell to 537 million euros (706 million dollars), 32.7 percent lower than the 2003 figure of 798 million euros.

Market forecasts had ranged from 486-798 million euros.

Operating profit edged 2.1 percent higher to 1.25 billion euros on sales of 10.01 billion, an increase of 8.1 percent.

Net profit suffered from adverse currency movements, one-off items including a 190 million-euro write-down on the group's stake in Brazilian brewer Kaiser, and higher goodwill amortisation.

Looking ahead to 2005, Heineken said it expected further...