COPENHAGEN (dpa-AFX) - Danish brewer Carlsberg AS (CABGY.PK) Wednesday reported profit before tax of DKK 4.059 billion for the second half, lower than DKK 4.892 billion in the comparable period last year, mainly hurt by rise in expenses.
The company also said it will today initiate a new quarterly share buyback programme of up to DKK 1 billion.
Profit from continuing operations declined to DKK 3.412 billion or DKK 22.6 per share from DKK 4.229 billion or DKK 26.3 per share last year.
On a net basis, the company posted a loss of DKK 44.283 billion or DKK 325.2 per share compared with profit of DKK 4.213 billion or DKK 29.8 per share a year ago, primarily due to a loss of DKK 47.344 billion from discontinuing operations.
Revenue for the period, however, increased to DKK 35.797 billion from DKK 34.818 billion in the previous year.
'Our capital allocation principles remain unchanged in the wake of Accelerate SAIL. Consequently, the Group will continue to use share buy-backs to return excess capital to shareholders to ensure an optimal capital allocation for the Group,' Carlsberg said in a statement.
Additionally, the Board plans to recommend a dividend of DKK 27.0 per share for 2023.
Looking ahead, Carlsberg expects 1-5 percent organic operating profit growth for fiscal 2024.
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