Heineken’s first-half results fell short of analysts’ estimates, with the stock trading lower on Monday records losses of more than 9%, at 82.30 euros.

Operating profits recorded organic growth 12.5%below analysts’ consensus estimates of 13.2% growth.

Sales in the beer sector, which were expected to strengthen by 3.4%, finally rose by just 2.15%.

Also, the brewery showed losses of 95 million euros, mainly due to the impairment of 874 million euros it “wrote” from its investment in the Chinese CR Beer. Heineken explained that the impairment was a result of the decline in CR Beer’s share price amid concerns about consumer demand in China and was not related to the company’s operating performance.

Heineken acquired 40% of China Resources Beer in 2018 for $3.1 billion. The deal brought Heineken a partner with local distribution potential in the world’s largest beer market. At the same time, it enabled the Chinese company to expand into the premium beer market.

“We are quite satisfied and have recorded a strong performance in the first half of the year,” he told CNBC CEO of the company, Dolf van den Brink, characterizing the increase in sales volume as “balanced and broad” with a 5% increase in premium products.

Also, the management of Heineken revised her estimates for full-year operating profitability in a range between 4-8%. Previous forecasts were for a low to high single digit rate of increase.

“Upbeat comments at a recent conference call led the market (and us) to revise estimates upwards,” Barclays analysts said in a note.