London - SABMiller, the world's second-largest brewer, reported a rise in profits for the first half of its financial year, as strength in Africa helped offset declining beer sales in Europe and North America.
Earnings before interest, taxes, depreciation and amortisation rose 7 percent to $3.27 billion in the six months ended 30 September.
That was ahead of analysts' average estimate of $3.22 billion, according to a company-supplied consensus.
Lager sales by volume rose 1 percent. Gains of 9 percent in Africa, 4 percent in Asia Pacific and 1 percent in Latin America were tempered by declines of 4 percent in Europe and 3 percent in North America.
“Looking forward to the second half of the year, we expect trading conditions to remain broadly unchanged, with volume growth continuing to be driven by emerging markets,” chief executive Alan Clark told reporters.
Shares of the company, which had fallen nearly 10 percent in the past six months, were up 0.6 percent at 3255.5 pence at 10:30 SA time on Thursday.
Earnings on a per-share basis were $1.20, slightly below analysts' average estimate of $1.21.
“Europe is trading below our expectations,” chief financial officer Jamie Wilson said, noting that the region has been tough for a number of quarters.
“We see the economies there continuing to perform sluggishly, so that is not a surprise to us.”
Net producer revenue, which excludes excise and similar taxes, was $13.79 billion, in line with estimates. - Reuters