Carlsberg reiterates guidance despite much improved earnings

Carlsberg is anticipating a much weaker performance in the second half of the year, though the brewer left its full-year profit forecast unchanged.

The Danish company projected a "mid-single-digit" organic growth for the rest of 2017 after operating profit grew 15% in the six months leading up to 30 June thanks to large cost savings offset.

A major concern for analysts and investors was the Eastern European market, where sales of beer declined roughly 13% over the second quarter, well over the 4.2% drop predicted.

Carlsberg left its full-year forecast the same, citing "tough comparatives in eastern Europe in the third quarter, poor weather at the beginning of the third quarter in northern Europe" and higher costs.

Earnings in the half rose 20% to DKK 4.13bn, defying market estimates of DKK 3.82bn and helping the company cut its debt down 14% to DKK 21.9bn.

Carlsberg aims to cut costs a further DKK 2bn by the end of the year.

As of 1030 BST, Carlsberg shares had slipped 3.17% to DKK 671.00.