Profit rise has brewer feeling a little flat
Source: Agencies |
May 21, 2010, Friday
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Print Edition
Print Edition
BREWER SABMiller Plc yesterday posted a modest rise in profit for the full year as strong growth in the Americas, where it owns a stake in MillerCoors, helped it through an otherwise difficult market.
SABMiller, brewer of Grolsch, Pilsner Urquell and Peroni Nastro Azzurro beers, said net profit was up 1.5 percent to US$1.9 billion in the 12 months ending March 31, and revenue rose 4 percent to US$26.4 billion.
Andy Blain, analyst at Shore Capital, said the results were "under-whelming" and rated the shares as "sell."
Earnings before interest, taxes and amortization were up 17 percent in Latin America and 7 percent in North America, where SABMiller is a partner in MillerCoors.
In Europe, however, earnings were down 8 percent as lager volume fell by 5 percent.
Excluding SABMiller's stake in MillerCoors, revenue was down nearly 4 percent to US$18 billion and net profit was down 3.5 percent to US$2.08 billion.
Company Chairman Meyer Kahn said the company had faced "very difficult trading conditions" during the year.
SABMiller, brewer of Grolsch, Pilsner Urquell and Peroni Nastro Azzurro beers, said net profit was up 1.5 percent to US$1.9 billion in the 12 months ending March 31, and revenue rose 4 percent to US$26.4 billion.
Andy Blain, analyst at Shore Capital, said the results were "under-whelming" and rated the shares as "sell."
Earnings before interest, taxes and amortization were up 17 percent in Latin America and 7 percent in North America, where SABMiller is a partner in MillerCoors.
In Europe, however, earnings were down 8 percent as lager volume fell by 5 percent.
Excluding SABMiller's stake in MillerCoors, revenue was down nearly 4 percent to US$18 billion and net profit was down 3.5 percent to US$2.08 billion.
Company Chairman Meyer Kahn said the company had faced "very difficult trading conditions" during the year.
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