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Carlsberg struggles in Russia

Carlsberg_Profile_Bottle_Splash_Gradient_WaterCarlsberg says uncertainty in its vast Russian market has contributed to a loss of 90 million kroner ($A17.06 million) in the first quarter of 2015.

Last year, the Danish brewer had a loss of 67 million kroner for the three month period ending March 31.

Revenue grew to 13.45 billion kroner from 12.9 billion kroner. Excluding the acquisition and sale of new brands, sales increased four per cent to 13.5 billion kronor, thanks to “very strong performance” in western Europe and Asia.

A “difficult macro environment” meant markets in Russia and Ukraine declined by about nine per cent and 14 per cent.

Retiring Carlsberg head Jorgen Buhl Rasmussen said Tuesday’s result “was in line with our expectations.

AP

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