(RTTNews) - Dutch brewer Heineken NV (HKHHF.PK) reported Wednesday that its net profit for the first nine months of fiscal 2020 was 396 million euros, sharply lower than 1.67 billion euros a year ago.
The company noted that continued cost mitigation actions partially mitigated the impact from lower volume, adverse product and channel mix and incremental expenses driven by the coronavirus crisis.
Beer volume was 165.4 million hl for the nine-month period, down 8.3 percent from last year on a reported basis and down 8.1 percent organically.
In the third quarter, beer volume was 62.9 million hl, down 2.1 percent on a reported basis and down 1.9 percent organically. However, volume improved sequentially relative to the previous quarter across all regions as many lockdowns eased.
Heineken volume continued to outperform the overall category and grew by 7.1 percent in the quarter and 1.0 percent for the first nine months of the year.
Looking ahead, the company noted that the COVID-19 pandemic is having a significant impact on its markets and wider business in 2020.
Dolf van den Brink, Chairman of the Executive Board / CEO, said, "The situation remains highly volatile and uncertain. We expect rolling outbreaks of COVID-19 to continue to meaningfully impact many of our markets in addition to rising recessionary pressures."
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