Carlsberg plans to sell more of its business assets due to sliding profits in first half.

The Danish brewer reported that earnings stood at kr3.45bn ($524m), which is far below its expectations.

Carlsberg chief executive Cees ‘t Hart was quoted by as saying: “Something has to change. But it doesn’t mean you have to exit.

"Something has to change. But it doesn’t mean you have to exit."

“In the seasonally small first quarter, we delivered a solid start to the year. Applying our new value management approach, we are on our way to strike a better balance between market share, gross margin and earnings. We maintain our full-year outlook for organic operating profit growth.”

“We announced and started the implementation of our new strategy, SAIL’22. We continued to implement initiatives under the Funding the Journey and are focused on a timely and full delivery of the expected net benefits.”

Sales in the first half rose slightly by 4%.

Carlsberg's brands include Kronenbourg and Tuborg. The Financial Times reported that Carlsberg intends further divestment of parts of its business. It recently sold its business in Malawi.

The publication also reported that the business assets in Bulgaria, Italy, Croatia, or Hungary may be sold.