SABMiller: MillerCoors’ net income rises

Published Aug 7, 2015

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Johannesburg - Millercoors yesterday reported that its second quarter net income grew by 9.4 percent to $487.2 million (R6.21 billion) compared with the previous comparable quarter last year.

The company attributed the growth in income, for the quarter ended June, to lower brewing and packaging materials and fuel costs, as well as higher net pricing and supply chain cost savings.

MillerCoors is a joint venture between SABMiller and Molson Coors Brewing Company. Net sales fell 0.2 percent to $2.2bn in the second quarter.

The group reported cost savings of $21m due to procurement and brewery efficiencies during the three-month period. “Despite challenging trading conditions, we delivered another successful financial quarter,” Gavin Hattersley, MillerCoors interim chief executive said.

“Our above-premium portfolio… demonstrated strong growth as beer drinkers savour high-end beers,” he added.

“While Coors Light and Miller Lite in their segment, both brands declined on a volume basis and we are working had to achieve both share and volume growth,” he said.

SABMiller shares on the JSE yesterday remained unchanged at R677.62.

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