Carlsberg profits fall on Russian tax increase
Danish brewer Carlsberg has reported a fall in fourth-quarter net profit due to an increase in excise duty in Russia, designed to combat alcoholism.
Net profit for the last three months of 2010 fell to 301m Danish kroner ($55m; £34m) from 383m kroner in the same period the year before.
Carlsberg's market share in Russia is 40%.
For the whole of 2010 the firm reported a net profit of 5.4bn kroner, up from 3.6bn kroner the year before.
Carlsberg said beer volumes in Eastern Europe last year fell by 9%.
This was mainly driven by destocking in the first quarter and significant price increases in Russia following the 200% excise duty increase on 1 January 2010.
"For 2011 we believe market dynamics will improve slightly, not least in Eastern Europe where we anticipate the Russian market to return to growth," said chief executive Jorgen Buhl Rasmussen.
Carlsberg also manufactures Tuborg, San Miguel and Kronenbourg beers.