Carlsberg 4% Loss in Q1 Blamed on Russian Beer Tax

COPENHAGEN, May 9 (Reuters) – Danish brewer Carlsberg failed to meet first-quarter profit forecasts after its crucial Russian market took another hit from beer tax hikes.

The world’s fourth-largest brewer, whose brands include Carlsberg, Tuborg and Baltika beer, said its beer volumes dropped by 4 percent due to falling East European volumes while Northern and Western Europe saw growth…At the beginning of the year, Russian taxes on beer rose by 20 percent, meaning Russian consumers bought more beer before the increase.  Full details here.