AMSTERDAM (AP) — Heineken NV says its profit doubled in 2012 following a reappraisal of its Asian business.
However, the company's actual performance was mixed, with operating profit by one nonstandard measure "broadly in line" with last year.
Despite weakness in Europe, it sold more beer at a higher price globally. But earnings were held back by higher investment and commodity costs, offset by lower tax and debt costs.
Reported net profit was €2.95 billion ($3.96 billion), up from €1.43 billion. Almost all the increase was due to a €1.5 billion gain from revaluing its Asian businesses, notably Asia Pacific Breweries.
Reported revenue grew 7.6 percent to €18.4 billion but on a like-for-like basis they grew only 3.9 percent, with volumes up 1.5 percent and prices up 2.4 percent.