SABMiller 6-month profit up 23 percent

AP News
Posted: Nov 17, 2011 9:09 AM
SABMiller 6-month profit up 23 percent

SABMiller, the world's second-largest brewer, says its half-year net profit rose by 23 percent led by robust lager sales in Latin America, Africa and Asia.

For the six months ending Sept. 30, SABMiller said Thursday that net profit was $1.38 billion, up from $1.12 billion a year earlier.

Revenue was up 11.5 percent to $10.54 billion.

Developing markets were key to the improvement, with Africa reporting a 27 percent gain in reported earnings before interest, tax and amortization and Asia just a point behind.

Latin America EBITA was up 18 percent, but Europe rose just 4 percent and North America was down 6 percent. The MillerCoors joint venture in North America reported earlier this week that net income excluding exceptional items fell 14 percent in the quarter ended Sept. 30.