Global brewing giant SABMiller on Thursday reported 3% growth in lager volumes in the six months ended September 2008, with organic volumes slightly ahead of the high prior year base.
The group’s revenue was up 4% at $11,2-billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) was 9% higher at $2,2-billion. Adjusted earnings were 9% higher at $1,128-billion.
Adjusted earnings per share were up 9% to 75,2 US cents from 69,1 cents a year ago, and were 19% higher at 585,8 South African cents from a previous 492 cents.
Basic earnings per share were up 48% at 94,8 US cents from a previous 63,9 cents.
An interim dividend of 16 US cents per share was declared, unchanged from a year earlier.
Graham Mackay, chief executive of SABMiller, said: “Exceptional prior-year volume growth and weakening consumer demand in certain markets presented a challenging start to the year. However, we have continued to drive revenue growth and offset higher input costs through firm pricing while protecting volumes and increasing share in some key markets.
“This performance demonstrates the advantage of our diversified global footprint, the strength of our brands and operational capability. Our North American joint venture, MillerCoors, has made a promising start and is on track to deliver $500-million per annum of cost savings by the third year of combined operations,” he added. — I-Net Bridge