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Heineken reports sales, earnings jump

Heineken reports sales, earnings jump

PanARMENIAN.Net - Dutch brewer Heineken NV says both sales and earnings rose in the first quarter, due to a combination of growth and one-time gains.

According to The Associated Press, net profit was 25 percent higher at €175 million ($230 million), from €151 million in the same period a year ago, but included a €20 million gain on a stake in a Haitian company reappraised at a higher value. Sales rose 6.8 percent to €3.83 billion, 3.5 percent of that due to higher volumes and 3.3 percent due to higher prices.

The family-controlled company, which only issues a full earnings report twice annually, said Wednesday, April 18 it expects to benefit in 2012 from growth in Africa, Asia and Latin America, and from cost-cutting - notably employees - in developed markets.

The company is expecting raw material costs to rise 6 percent.

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