13th May 2015 06:29
LONDON (Alliance News) - SABMiller PLC on Wednesday reported flat pretax profit in its recently ended financial year, as its revenue fell very slightly, it was hit by currency exchange rate changes, and it booked costs associated with joint ventures and acquisitions.
The brewer, whose brands include Grolsch, Peroni, Coors Light beers and Bulmers cider, reported a pretax profit for the year ended March 31 of USD4.8 million, flat on the year before, on revenue of USD22.1 million, down slightly from USD22.3 million.
It said it booked a charge of USD153 million, lower than the USD202 million charge in the year before, on costs relating to joint ventures, an impairment of its business in India, and integration and restructuring costs following the Foster's and Pacific Beverages acquisitions in Asia Pacific.
SABMiller added that a strong dollar had a negative translation on its operating currencies.
Lager volumes were level year-on-year, with growth in Africa and Latin America offset by volume weakness in China and North America. China returned to growth during the last three months of the year, the company said.
SABMiller will pay a full-year dividend of 113.0 cents, up 8% on the year before.
"We have a clear strategy to drive topline growth, improve efficiency and shape our mix of business to continue to deliver superior returns to shareholders," Chief Executive Alan Clark said in a statement, adding that the company is on track to deliver its targeted savings of USD500 million per year by 2018.
However, Clark warned that the trading environment will remain challenging and that the business will continue to be hit by currency volatility.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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