Amsterdam-based, Heineken has said that it has reported earnings before interest and taxes of $1.58 billion or 1.27 billion euros during the first six months of the year. The figure was below 1.31 billion-euro expected in a Bloomberg survey of 10 analysts. The analysts were expecting a growth of 0.5 percent but the company reported a decline of 5.5 percent. The company says that its earnings will remain unchanged this year amid a slowdown in the European market.

The company saw increased cost of materials and a weak demand from customers in Western Europe, which is the company's biggest market. Heineken reported a fall of 2.9 percent in sales and its earnings fell 14 per cent in Western Europe regions during the first six months of the year as the demand remained low.

Meanwhile, Dutch company, which launched an acquisition bid valued at S$5.1bn in July for Asia Pacific Breweries, has indicated that it might increase the bud value to acquire a majority stake in the company. Heineken already owns a stake of about 42 per cent in APB and is aiming to acquire full control of the company. Joint-venture partner Fraser & Neave now owns 39.7 per cent in the company.

The shares of the company dropped as much as 1.32 euros to 43.18 euros in Amsterdam market.