Carlsberg Breweries posted a 96 per cent plunge in first-quarter operating profit today as adverse foreign-exchange effects and falling prices in Russia hit the group.
Carlsberg said its operations had also been affected by a sales decline in southern Europe and the negative influence from SARS on the Asian market.
Earnings fell to 18 million crowns ($2.75 million) from 440 million in ($67.27 million) the first quarter of 2002.
For the full-year 2003 Carlsberg lowered its outlook, saying operating profit would be flat on 2002 from a previously expected 5-10 per cent increase.
In Russia - seen as an key market for future growth - Carlsberg's half-owned unit Baltic Beverages Holding posted a 15 per cent decline in net revenue.
Carlsberg lowered its growth expectations for the Russian beer market for the full-year to 6 to 7 per cent from previously 8 to 9 per cent growth on 2002.