18th May 2016 06:32
LONDON (Alliance News) - SABMiller PLC on Wednesday reported a fall in profit in its recently-ended financial year as revenue continued to be hit by negative foreign exchange translations, which it said it expects to persist in the current financial year.
The drinks giant said its pretax profit in the year ended March 31 fell to USD4.07 billion from USD4.83 billion the year before, as revenue decreased to USD19.83 billion from USD22.13 billion.
SABMiller said its results were harmed by unfavourable movements in foreign exchange rates and noted that revenue would have risen by 7% on a constant currency basis.
SABMiller will pay a total dividend of 122 cents, which is up 8% on the prior year.
"We expect to deliver good underlying performance in the year ahead. Our cost and efficiency programme is on track to reach targeted annualised savings of USD1.0 billion per annum by the financial year ending March 31, 2020. We anticipate that we will continue to face foreign exchange volatility and the results of certain of our key operations would be impacted by currency depreciation against the US dollar," SABMiller said in a statement.
SABMiller is in the process of being taken over by Belgian-American drinks company AB InBev in a GBP71.00 billion deal. The merger is expected to complete in the autumn of 2016.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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