Dutch brewer Heineken announced Wednesday a first quarter profit that was 36 percent higher on an annualised basis at 227 euros ($295 million), while amending its 2013 growth outlook to reflect weaker demand in Europe and Nigeria.
"Global market conditions remain volatile, contributing to a weaker than expected first quarter," the company said in a statement.
"Challenging trading conditions in austerity affected markets in Europe and inflationary pressures in Nigeria are expected to continue to impact volume development for the balance of year, leading to a moderation in organic growth expectations for the full year," it added.
Sales in the first three months of the year came to 4.14 billion euros, up 8.1 percent from the same period a year earlier, but slightly lower than the 4.28 billion euros analysts polled by Dow Jones Newswires had predicted.
The increase was largely the result of a consolidation of Asia Pacific Breweries (ABP), owner of the popular Tiger beer brand, acquired by Heineken in November.
"Overall, Heineken still anticipates organic volume and revenue growth for the full year 2013, with higher growth regions offsetting volume weakness in certain developed countries," the statement said.
"Heineken reaffirms all other elements of its full year outlook for 2013 as stated in its full year 2012 earnings release dated 13 February 2013," ot added/
One of the world's top five brewers, Heineken was founded in the 19th century and produces and sells more than 200 brands of beer and cider including Heineken and Amstel beer and Strongbow cider.