Heineken shares fall 8% after first-half profit miss [Video]

Heineken shares opened nearly 7% lower on Monday, after the brewing giant’s first-half profit growth came in weaker than analysts had expected.

The company’s stock was trading down 7.9% at 12:18 p.m. London time.

Operating profit showed organic growth of 12.5%, below a company-compiled consensus forecast of 13.2%.

Beer sales, which were expected to grow at 3.4%, rose by just 2.1%.

Heineken tumbled to a net loss of 95 million euro ($103 million), primarily on the back of a non-cash impairment of 874 million euro on its investment in Chinese brewing firm CR Beer. Heineken said the write-down was the result of the decline in CR Beer’s share price amid concerns about consumer demand in China, rather than over the Chinese company’s operational performance.

“We are quite pleased with a solid performance in the first half,” Heineken CEO Dolf van den Brink told CNBC’s “Squawk Box Europe” on Monday, describing volume …