UK: SABMiller profit beats expectations, sees tough year ahead | Progresiv
SABMiller reported full-year profit above analyst expectations as performance picked up in the latter half of the year, but said trading would continue to be tough in its new financial year. 
The maker of Peroni, Grolsch and other beers reported operating earnings fell 1 percent to 6.37 billion dollars in the year ended March 31, above analysts' average estimate of 6.23 billion dollars, according to a consensus compiled by the company.
Net producer revenue fell 2 percent to 26.29 billion dollars. Excluding the impact of currency fluctuations, revenue was up 5 percent and earnings before interest, tax and amortisation (EBITA) was up 6 percent, helped by price increases and cost cuts.
The strong U.S. dollar reduced the value of international sales and profits and increased raw material costs since commodities are often traded in the U.S. currency. SAB had already reported that worldwide beer volume was flat last year, with soft drink volume up 8 percent. Growth in Africa and Latin America was offset by weakness in North America and China, though China returned to growth during the last three months of the year.
Looking ahead, the company said it expected the trading environment to stay challenging and that its business would continue to be hit by currency volatility. (www.uk.reuters.com)
