SABMiller H1 Net Profit Down 32 Percent
LONDON (AP) ¿ SABMiller PLC, the world's second-largest brewer, on Thursday reported a 32 percent drop in net profit as revenues were hit hard by unfavorable currency movements and lager volumes declined.
For the six months ending Sept. 30, the brewer of Grolsch, Pilsner Urquell and Peroni Nastro Azzurro lagers said net profit was $973 million, compared with $1.42 billion a year earlier.
Comparisons were skewed by exceptional gains of $404 million last year as the company booked a profit from its role in establishing joint venture MillerCoors, while in the current period the company reported exceptional charges of $211 million.
Operating profit before exceptional items was down 19 percent to $1.43 billion.Revenue fell 21 percent to $8.85 billion, with lager volume down 1 percent on a comparable basis. Factoring out currency movements, acquisitions and disposals, the company said revenue was up 3 percent while earnings before interest, taxes and amoritzation, also called operating profit, were up 11 percent. "The weakness of our major operating currencies against the U.S. dollar has affected reported results, but we have continued to generate a strong underlying performance," said Chief Executive Graham Mackay. SABMiller shares were up 1.3 percent at 1,679 pence on the London Stock Exchange.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV