SABMiller hurt by China weather - UK
IOL Business - Jan 21st 2015, 14:51
London - International brewer SABMiller on Wednesday reported a rise in third-quarter sales despite ongoing weakness in China due to poor weather last year.
The maker of beers such as Peroni and Grolsch, and part owner of the top-selling beer in China, saw a 4 percent rise in revenue for the quarter which ended on December 31.
Volume, which measures the amount of drinks sold, fell 1 percent for lager and rose 4 percent for soft drinks. SABMiller sells its own soft drinks in some regions, including Latin America, and sells Coca-Cola soft drinks in Africa.
“Our Latin America and Africa businesses continued to grow both volumes and revenues, together with Europe, while more difficult trading conditions, particularly in China, held back the overall group performance,” Chief Executive Officer Alan Clark said.
In China, revenue fell 7 percent as volume fell 9 percent, with double-digit declines in the northeast and central provinces. The company cited the continuing impact from unusually poor weather there last summer, which also hurt profit in the second quarter.
Across the globe, revenue rose 5 percent in Latin America, 7 percent in Africa and 3 percent in Europe. It fell 2 percent in Asia Pacific and 1 percent in North America.
In North America, where SABMiller has a joint venture with Molson Coors Brewing, revenue fell 1 percent as declining volume was partially offset by price increases and a shift toward selling more higher-priced beers.
American drinkers have been moving away from the mainstream light beers such as Miller Lite and Coors Light, but a new Miller Lite marketing campaign helped that brand see its first volume gain since 2007.
The company said its deal to combine its African soft drink bottling operations with those of Coca-Cola, announced in November, and should close in two phases following regulatory approval. From © Independent On-line 2013. All rights reserved.
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