Shift to sorghum hurts Delta’s sales - Zimbabwe
IOL Business - Jan 19th 2016, 09:19
Harare - SABMiller's Zimbabwean affiliate, Delta Corporation, said on Monday its lager beer sales fell in the third quarter as an economic slowdown forced consumers to shift to cheaper sorghum beer.
Delta, 38 percent owned by SABMiller, reported lager beer volumes declined 14 percent in the quarter ending December; a period the company traditionally enjoys its highest sales.
The largest listed company on the Zimbabwe Stock Exchange with a market capitalisation of $797 million, Delta said volumes of sorghum beer and soft drinks were flat, while its revenue was down five percent during the same period.
AB InBev bought SABMiller last year.
Zimbabwe is struggling with low commodity prices and faces its worst drought in 24 years that could hit an economy battling to emerge from a damaging recession between 1999 and 2008.
From © Independent On-line 2016. All rights reserved.
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