SABMiller, the world's second-largest brewer, today 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% 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%. Gains of 9% in Africa, 4% in Asia Pacific and 1% in Latin America were tempered by declines of 4% in Europe and 3% 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 said.
"Europe is trading below our expectations," the company's 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," he added.
