Shares in Heineken NV dropped in July 30 trading after the Dutch brewer slashed its guidance for 2018 operating profit margin on the back of currency headwinds and the negative impact of a marked acceleration of its business in Brazil.

Heineken now forecasts that its full-year operating profit margin would fall by approximately 20 basis points, compared with a previous guidance of a 25-basis-point increase. The company said the dilutive impact of the consolidation of Brasil Kirin, which it acquired in 2017, was higher than expected in the first five months of 2018.

Shares in the company were trading 3.53% lower in Amsterdam as of 5:18 a.m. ET.

Heineken reported profit attributable to equity holders of €950 million, or €1.67 per share, in the first six months of 2018, compared with a restated €871 million, or €1.53 per share, in the same period a year ago.

Before exceptional items and amortization of acquisition-related intangible assets, net profit came in at €1.08 billion, or €1.89 per share, compared with €1.04 billion, or €1.82 per share, in the first half of 2017. The S&P Capital IQ consensus mean estimate for normalized EPS was €1.95.

Operating profit came in at €1.46 billion, down from €1.64 billion on a yearly basis. Before one-offs, operating profit dropped to €1.75 billion from €1.81 billion, with the operating margin declining to 16.3% from 17.5%.

Net revenue grew to €10.78 billion from €10.34 billion, representing 5.6% year-over-year organic growth. Consolidated beer volume grew 4.5% organically in the first half, driven by increases in Africa, Middle East, eastern Europe, Americas, and Asia-Pacific.