Danish brewer Carlsberg posted half-year results slightly below expectations, but said it would maintain its 2016 outlook as its cost-cutting strategy shows progress.
The company reported a six-month operating profit before special items at 3.45 billion Danish crowns ($522.12 million), down 4 percent from same period last year, with the beer producer undergoing heavy restructuring to stoke growth.
However, Cees 't Hart, chief executive and president of the Carlsberg Group, told CNBC Wednesday that the company's cash flow, operating profit and net revenue growth were all good. However, he warned of challenges ahead.
"We see some cost increases in Russia ...We feel that the second half of the year might not be a strong as the first half-year, compared to last year," he said.
He added that volumes in China were changing "a lot" due to lower growth in the country and said that "cheap dining" in the country was more or less disappearing.
"You see shifts in the economy there, and the social demographic build-up." He said that volumes might be under pressure in China but added that the "value" was growing with Carlsberg having a fast-growing international portfolio of products.