Heineken's First-Half Profits Hit by $950M China Writedown and Weak Beer Sales

Cooler weather and lower consumer demand impacted Heineken's expected boost from major sporting events.

Heineken reported a net loss of €95 million, down from a €1.1 billion profit last year.
The company took a $950 million impairment charge on its investment in China Resources Beer.
Beer sales grew by only 2.1%, missing the expected 3.4% growth.
Heineken revised its full-year operating profit growth forecast to between 4% and 8%.
Shares in Heineken fell nearly 10% following the disappointing first-half results.