AMSTERDAM (AP) — Heineken NV is warning that its core earnings this year will fall modestly as business conditions, especially in central and eastern Europe are worse than it expected.
Previously the Dutch brewer said underlying earnings, which strip out effects of acquisitions, would be "broadly in line" with a year earlier. Heineken's share price fell 3 percent at the open.
The warning came as Heineken reported a 15 percent fall in third quarter net profit to 483 million euros, due in part to the stronger euro.
CEO Jean-Francois van Boxmeer said Wednesday that the company will respond by cutting more costs.
The trading update also showed revenues, including acquisitions, rose 4 percent to 5.18 billion euros during the period, and just 0.2 percent without, as price hikes outweighed a fall in volumes.