COPENHAGEN (AFP) - Danish brewer Carlsberg reported a better-than-expected first quarter profit Tuesday and maintained its outlook for 2010 as it improved sales and margins in Asia and Northern and Western Europe.

Carlsberg workers strike over ban on drinking

The world's fourth largest brewer however said its results had been hurt by an increased sales tax on beer in Russia, which caused sales to fall 12 percent in the country, one of its main markets.

Carlsberg posted a first quarter net profit, excluding minority shareholders, of 471 million kroner (48.9 million euros, 62.3 million dollars), up from a loss of 212 million kroner in the same period a year ago.

Its operating profit was down 6.7 percent to 735 million kroner.

The results beat the forecasts of analysts surveyed by RB-Boersen, who expected the company to post a net loss of 54 million kroner and an operating profit of 575 million kroner.

Only sales, which were down 6.9 percent to 10.97 billion kroner, missed analyst expectations of 11.12 billion kroner.

"We are satisfied with the first quarter performance which was in line with our plans and we remain confident in our ability to meet our targets for 2010," company chief executive Joergen Buhl Rasmussen said in a statement.

Carlsberg said it expected its total net profit for the year to be 20 percent higher than the 4.16 billion kroner it made in 2009 and forecast its operating profit would be flat year-on-year.

Last Updated (Tuesday, 11 May 2010 15:03)