UK: SABMiller beer volumes has grown 10%
Global brewing giant SABMiller announced it sold 10 percent more beer in the third quarter as it expanded in emerging markets including China and India and said its financial performance was in line with its own expectations, Reuters reported on January 17.
SABMiller, the world's second-biggest brewer and maker of Miller Lite, Peroni and Castle, added its underlying beer volumes for its financial year to date, or nine months to end-December 2006, increased by 9.5 percent.
The London-based group's third-quarter (Oct-Dec 2006) trading statement included figures from South American brewer Bavaria, which it purchased in October 2005. The 10 percent third-quarter rise in beer volumes compared with a 9 percent rise in its first-half (April-Sept 2006).
"The group's financial performance has been in line with our expectations outlined at the time of the interim results announcement, despite the headwinds experienced at Miller and in South Africa, and the comparatively weaker South African rand/U.S. dollar exchange rate prevailing in the quarter," the group said.
In its South African beer business, that brews Carling, Hansa, and Castle and earns just over 30 percent of group profits, third-quarter volumes and nine-month beer volumes showed a rise of almost 1 percent.
In South America, beer volumes rose 12 percent, giving a nine-month rise of 11 percent. The region, which brews Aguila in Colombia and Cristal and Cusquena from Peru, earns just over a fifth of group profit.
In North America, where the group brews Miller Genuine Draft and Milwaukee's Best, sales to retailers rose 4.3 percent but fell 0.9 percent on an underlying basis, with volumes of its top brand Miller Lite rising 1.5 percent in the quarter.
SABMiller’s shares have risen 12 percent since early December, with investors turning more positive as the rand has stabilised recently. They closed on Tuesday at 11.71 pounds.
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