LONDON-- SABMiller PLC said Thursday that trading conditions
would remain tough in many of its markets as it reported a rise in
half-year profit.
The world's No. 2 brewer posted net profit of $1.97 billion for
the six months to Sept. 30, compared with $1.71 billion a year
earlier, on revenue 2% higher at $11.37 billion.
The maker of Peroni, Grolsch and Miller Genuine Draft said lager
volumes fell slightly in the period on lower demand in Europe and
parts of Asia.
SAB's soft drink volumes increased 9%. The company is a bottler
for Coca-Cola Co. in many parts of the world. Its soft-drinks
business makes up around 20% of sales by volume, although the
profit margin is lower than beer.
The company said it expected trading conditions to remain
difficult for the rest of its financial year.
SAB in September had a takeover approach for Heineken NV
rejected by the Dutch company. Analysts speculated that SAB's
overture was an attempt to ward off a long-rumored takeover from
Anheuser-Busch InBev NV, the world's No. 1 brewer. SAB Chief
Executive Alan Clark last month rejected that theory, saying the
Heineken move was "assertive not defensive."
Write to Peter Evans at peter.evans@wsj.com
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