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Aug 26, 2009, 8:24 GMT

Heineken reports positive half-year results after cost-cutting

Amsterdam - Rigorous cost cutting at Heineken, the world's second-biggest beer brewer, contributed to positive results in the first half of 2009, the company said Wednesday. Net sales in the first six months of the year amounted to 7.15 billion euros (10.24 billion dollars), compared with 6.41 billion euros last year and more than the 6.94 billion euros analysts had expected. Net profit was up 20 per cent at 489 million euros, the company said. Heineken cut some 50 million euros in costs in the first six months of 2009 and said its savings programme would amount to 120 million euros on an annualised basis by the end of the year. Heineken's total sales increased thanks to the takeover of British brewer Scottish & Newcastle, but in other markets sales were down. The beer brewer said it sold a total of 78 million hectolitres of beer, 2.7 percent more than last year. In a statement, CEO Jean-François van Boxmeer said Heineken's performance was 'strong' despite the difficult economic circumstances. 'There will be continued pressure on volumes in the second half of 2009,' Van Boxmeer said, emphasizing 'brand building, prioritised investment and rigorous cost reduction will continue to deliver value in the second half of the year.'

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