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TOP NEWS: SABMiller Net Producer Revenue Hit By Weak Currencies

21st Jul 2016 06:32

LONDON (Alliance News) - SABMiller PLC on Thursday reported a decline in net producer revenue in the first quarter of its financial year due to the strong dollar, but said growth on an underlying basis was achieved in most of its markets.

The drinks giant, which is in the process of being taken over by its even bigger rival Anheuser-Busch InBev NV, said total reported NPR fell by 4% year-on-year in the quarter ended June 30, due to the depreciation of its key operating currencies against the US dollar.

On a constant currency basis, however, total NPR grew by 2%, as 5% growth in Latin America, 6% growth in Africa and 6% growth in Europe, offset a 2% decline in Asia Pacific and 3% fall in North America.

SABMiller said growth was driven by price and mix improvements, with beverage volume and lager volume in line with the prior year and soft drink volume growth of 2%. Other alcoholic beverage volume decreased by 11% though, caused by a decline in Africa.

"This was another quarter of good underlying momentum for our subsidiaries with continued delivery of our strategic priorities, in particular Europe, South Africa, Colombia, Peru and Australia delivered good growth. Our performance was tempered by a more challenging quarter in some markets in the rest of Africa, where volume was negatively impacted by economic volatility and challenging trading conditions. We also continued to face trading headwinds in our associates' and joint ventures' key markets such as China, Angola and the USA," Chief Executive Alan Clark said in a statement.

By Karolina Kaminska; [email protected] @KarolinaAllNews

Copyright 2016 Alliance News Limited. All Rights Reserved.


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