21st Jan 2015 07:11
LONDON (Alliance News) - Brewing giant SABMiller Wednesday reported a 1% drop in lager volume in the third quarter of its financial year, hit by weakness in China and lower US shipments, but its soft drink volumes continued to expand, rising 4%.
In a trading update, SAB Miller said its net producer revenue for the three months to end-December grew 4% at constant currency rates. The figure declined by 5% at actual rates as it was hit by adverse currency movements.
Net producer revenue per hectolitre grew in all regions, as it continued to sell a greater proportion of its premium lagers and drinks.
"We continued to drive steady net producer revenue growth, notwithstanding varied local market performances, as we benefited from the breadth of our global portfolio of businesses. During the quarter, 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 Alan Clark said in a statement.
Net producer revenue in China fell 7% as volumes declined by 9%, although net producer revenue per hectolitre rose as it sold a greater proportion of its premium lagers.
By Steve McGrath; [email protected]; @stevemcgrath1
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