The world's fourth biggest brewer, Heineken, posted a solid rise in annual profit today and forecast further growth this year despite economic weakness and likely higher costs.
Heineken said 2002 net profit from ordinary operations rose 11.2 per cent to euro795 million - bang in line with analysts' expectations - as rising global sales of its brand and acquisitions contributed to higher earnings.
The Dutch brewer, which is being eyed for news on its expansion strategy in a rapidly consolidating beer market, said 2003 would be a year of uncertainties.
Higher pension fund charges, costs for launching the Heineken premium brand in Britain and a deteriorating economic situation in many countries would pressure margins.
Heineken shares barely reacted to the results news and were 0.7 per cent firmer at euro30.36 today, boosted by the company's guidance for the current year.