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Heineken: first-quarter sales drop, shares down

( - Heineken said it net profit fell to 94 million euros in the first three months of 2020, from 299 million euros reported a year ago, impacted by falling volumes in March due to Covid-19.

Beer volumes sold fell by 2.1% in organic terms over the first quarter. In Europe, volume fell by 1.4% in the past quarter, with a 15.3% drop in March alone.

The world's secong biggest brewer warned that volume performance is expected to "worsen" in the second quarter.

The second half of the year is also expected to be impacted, it added.

The lack of visibility on the duration of the Covid-19 pandemic has led the company to withdraw all guidance for 2020.

Heineken shares were down over 1% on Euronext Amsterdam after this trading update.

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