SABMiller profits boosted by Latin America, Africa

AP News
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Posted: May 24, 2012 6:04 AM
SABMiller profits boosted by Latin America, Africa

SABMiller, the world's second-largest brewer, has reported a 75 percent increase in full-year profit led by strong growth in Latin America and Africa.

For the 12 months ending March 31, the brewer of Peroni, Carlsberg and Pilsner Urquel said Thursday that net profit was $4.2 billion compared to $2.4 billion a year earlier.

Revenue was up 12 percent to $21.8 billion.

SABMiller said earnings before interest, taxes and amortization were up 14 percent in Latin America and South Africa. The company's revenue was also boosted by the acquisition of Australian brewer Foster's in December.

Earnings were down 9 percent in Europe because of lower sales volumes and higher raw materials costs, the company said.

Dividends from the MillerCoors joint venture in North America were up 9 percent to $896 million.