Global brewer SABMiller reported a 3 percent rise in its underlying beer volumes in the first three months of 2012 as growth in the emerging markets of Latin America, Africa and Asia offset declines in Europe and North America.
The world's No.2 brewer and maker of Miller Lite, Castle and Peroni beers added on Thursday that beer volumes at its newly-acquired Foster's Australian business dipped 4 percent in the first three months of ownership in a tough domestic market.
Big brewers are relying on emerging markets growth and price rises to offset sluggish growth and tough competition in more mature markets. SABMiller has a higher proportion of profits from emerging markets than its key rivals at around 70 percent.
The 3-percent quarterly rise was just below an average forecast of 3.3 percent for fiscal fourth-quarter beer volumes and at the bottom end of a 3-4 percent range based on a Reuters survey of 10 brokers. This followed a 3 percent rise in the nine months of April-December 2011.
London-based SABMiller said its beer volumes for its full financial year through to end-March were up 3 percent, with price rises helping to push annual revenue up 7 percent. Overall trading was line with its own expectations, it added.
The brewer, which also makes Grolsch, Snow, Pilsner Urquell and Aquila beers said full-year underlying volumes rose 13 percent in Africa, 8 percent in Latin America, 4 percent in the Asia-Pacific and 2 percent in South Africa.
Europe remained weak with a 1 percent annual fall, and in the United States, where it operates through its MillerCoors joint venture, sales to retailers fell 2.4 percent.
On Wednesday, the world's third largest brewer Heineken reported a higher-than-expected 4.7 percent rise in its underlying first-quarter beer volumes sending its shares to a four-year higher, but higher costs saw profits decline slightly.
Global leader Anheuser-Busch InBev reports its first quarter earnings on April 30 and Carlsberg updates the market on May 9.
Source: Reuters
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