Second-quarter operating profit came in below expectations on Wednesday, hit by cold weather in northern Europe and market decline in eastern Europe. The company's shares plunged eight percent.

New CEO Cees 't Hart, a Dutchman who took over in June, said that the results of his review would be announced only in the first half of next year. That disappointed some analysts who had hoped for it to be completed by the end of this year.

The Danish brewer did not indicate what the new strategy should focus on. How to address problems in its core market of Russia is certain to be a central concern.

Carlsberg lowered its full-year financial guidance and now expects organic operating profit to decline slightly. It had previously forecast organic growth could be close to 10 percent.

"In Western Europe, we experienced bad weather in Q2 in Northern Europe and did not achieve the full range of anticipated savings," Hart said in the earnings statement.

"For the full year, we therefore do not expect that the strong Asian performance will be enough to offset the weaker-than-expected results in Western Europe and the challenging market conditions in Eastern Europe," Hart added.

The results compare unfavourably with those from Heineken NV (>> HEINEKEN), the world's third-largest brewer, which this month announced better than expected earnings for the first half.

Carlsberg has been hit by Russia's recession, tighter regulations on the Russian beer market and conflict in eastern Ukraine.

Carlsberg responded by cutting jobs at its headquarters and regional offices by 20 percent in May.

Operating profit before special items fell 18.9 percent to 2.92 billion Danish crowns ($432 million) in April to June, below a forecast of 3.24 billion crowns in a Reuters poll.

Hart, who took over as chief executive on June 15 has been granted approximately 100,000 share options and the exercise price will be based on an average of the share price the next five trading days.

James Edwardes Jones from RBC Capital Markets called the timing of the CEO's option grant the sole glimmer of positive news in the earnings report.

"It is hard to see any incentive for him to paint a rosier picture than necessary with his maiden set of results," Jones wrote in a note to clients. ($1 = 6.7535 Danish crowns)

(Editing by Gopakumar Warrier and Keith Weir)

By Ole Mikkelsen

Stocks treated in this article : HEINEKEN, Carlsberg A/S