Heineken’s First-Half Profit Growth Stalls

Heineken, the world’s third-largest brewer, said profit growth stalled in the first half as French, Dutch and American customers cut back on beer drinking. The stock slumped 12.2% in European trading, the biggest decline in almost 14 years.

“We can no longer confirm that net profit will grow in 2003,” said a spokesman for the Amsterdam-based company, the maker of Heineken, Amstel lager and Murphy’s stout. Chief Executive Anthony Ruys had forecast an increase in full-year earnings as recently as April.

Net income for the six-month period will be little changed from the $380.5 million posted a year earlier after rising 10% or more in the previous six half-year periods.