By Matteo Castia

Heineken NV reported Wednesday a sharp drop in net profit for the first quarter due to a pandemic-induced volume drop in March, and said that limited benefits came from its mitigating actions.

The Dutch brewer--which owns the Sol, Birra Moretti and Tiger beer brands--made a quarterly net profit of 94 million euros ($101.9 million), compared with EUR229 million a year earlier. Beer volume decreased 2.1% year-on-year, with a 14% drop in March.

Earlier this month, Heineken withdrew its full-year guidance due to the uncertainty associated with the pandemic and said it expected a first-quarter reduction in beer volume of 2%.

Total organic volume rose 5% in the quarter, driven by strong trading in U.S., against an estimated fall of 4%.

Heineken said the board and executive team has agreed to a 20% salary cut between May and December in an attempt to preserve resources amid the crisis.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

April 22, 2020 02:32 ET (06:32 GMT)

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