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August 4, 2009

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Less beer sold but Molson's net doubles

BREWER Molson Coors said yesterday its second-quarter profit doubled as it raised prices and cut costs, despite selling less beer.

Meanwhile, profit at Molson's joint venture with SABMiller's United States unit - MillerCoors LLC - rose 75 percent to US$304.9 million.

Molson, the Denver-based maker of Coors Light, earned US$187.3 million, or US$1.01 a share, in the three months that ended in June. That compares with earnings of US$91.8 million, or 49 cents a share, in the same period last year, before Molson Coors and SABMiller Plc formed their joint venture MillerCoors.

Excluding one-time charges, the firm earned US$1.11 per share, higher than the 97 cents predicted by analysts.

Net sales fell 55 percent to US$798.9 million on the venture. Worldwide the volume of beer sold fell 3.2 percent.

The MillerCoors joint venture aims to cut costs and better compete against industry leader Anheuser-Busch.

Leo Kiely, CEO of the joint venture, said the June quarter was its fourth consecutive with double-digit earnings growth.


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