Dutch brewing giant Heineken sold 2.7% less beer in the first three months of this year, compared with 2012. Total revenue, excluding acquisitions, also fell 2.7%.

Including takeovers, such as Asia Pacific Breweries, sales rose 8.1% in the first quarter to €4.2bn. Net profit reached €227m, compared with €166m a year earlier.

Global market conditions remain volatile, contributing to a weaker than expected first quarter, the company said in a statement.

‘Challenging trading conditions in austerity-affected markets in Europe and inflationary pressures in Nigeria are expected to continue to impact volume development for the balance of the year, leading to a moderation in organic growth expectations for the full year,’ the statement said.