13th Feb 2014 13:19
LONDON (Alliance News) - SABMiller PLC Thursday said that its MillerCoors brand delivered higher pretax profit for the full-year 2013.
The major brewing company said MillerCoors pretax profit grew to USD1.29 billion for the full calendar year 2013 compared from USD1.21 billion in 2012, while fourth quarter pretax profit increased to USD240.7 million from USD174.0 million in the same period during 2012.
MillerCoors is a joint venture between SABMiller and Molson Coors Brewing Company which brews, markets and sells the MillerCoors portfolio of brands in the US and Puerto Rico.
SABMiller said total net sales at MillerCoors increased 0.5% to USD7.80 billion for the year and 1% to USD1.80 billion for the quarter as the company benefited from favourable net pricing and a positive brand mix.
The company added that MillerCoors achieved USD102 million in cost savings during 2013 and USD28 million in the fourth quarter, primarily due to procurement savings, logistics and brewery efficiencies.
MillerCoors also lowered its marketing, general and administrative expenses to USD1.77 billion during the full year period from USD1.83 billion the previous year.
SABMiller shares were down 1.0% to 2,754 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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