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November 20, 2009

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Brewer suffers as less lager is drunk

Brewer SABMiller Plc reported a 32 percent drop in net profit yesterday after revenues were hit hard by unfavorable currency movements and declining lager sales.

For the six months ending September 30, the brewer of Grolsch, Pilsner Urquell and Peroni Nastro Azzurro lagers said net profit was US$973 million, compared to US$1.42 billion a year earlier.

Comparisons were skewed by exceptional gains of US$404 million last year as the company booked a profit from its role in establishing joint venture MillerCoors, while in the current period the company reported exceptional charges of US$211 million.

Operating profit before exceptional items was down 19 percent to US$1.43 billion. Revenue fell 21 percent to US$8.85 billion.

Lager sales declined in most countries around the world but the company's CR Snow brand posted a 15 percent volume gain in China.


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