COPENHAGEN, Denmark (AP) -- Danish brewer Carlsberg says uncertainty in its vast Russian market continued to cause pain, contributing to a loss of 90 million kroner ($13.46 million) in the first quarter of 2015.
Last year, the Copenhagen-based brewer had a loss of 67 million kroner for the three-month period ending March 31.
Revenue grew to 13.45 billion kroner ($2 billion) from 12.9 billion kroner. Excluding the acquisition and sale of new brands, sales increased 4 percent to 13.5 billion ($2 billion), thanks to "very strong performance" in western Europe and Asia.
A "difficult macroenvironment" meant markets in Russia and Ukraine declined by about 9 percent and 14 percent.
Tuesday's result "was in line with our expectations," said retiring Carlsberg head Jorgen Buhl Rasmussen, who will be replaced by Cees 't Hart in June.