Russian focus puts chill on Carlsberg’s bottom line

There is always one that gets carried away at a party. But for Carlsberg all of its shareholders were overdoing it. Shares in the brewer have gained 18 per cent over the past six months – the most among all peers except Heineken. The hope was that things in Carlsberg’s second biggest market, Russia, which had been racked by temperamental barley harvests and regulation, were finally stabilizing. Yet forecasts given during Thursday’s 2012 results announcement proved a bit of a party pooper. Shares fell 7 per cent.

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