Brewer SAB Miller today posted an 8% fall in revenue despite beverage sales rising by 2% by volume in fiscal year 2016, as foreign currencies struggled against a strong dollar.
The brewer of Miller Lite, Castle Lager and other beers said its revenue rose 5% in the year ended March 31, on a constant currency basis, as sales in Africa and Latin America were stronger.
The company said its deal to get acquired by Anheuser-Busch InBev was on track to close in the second half of the year, but not before its final dividend of 93.75 cents becomes payable to its shareholders on August 12.
In Latin America, SAB sold 5% more beverages by volume, bringing the region's contribution closer to a quarter of the company's total revenue on a constant currency basis.
SABMiller's group net produce revenue came in at $24.2 billion for the year, down from the $26.3 billion it earned a year ago including the impact from currency exchange rates.
Sales of lager increased 1% by volume in the year while soft drink sales rose 6%.
SAB said total volume growth in beverages was tempered by weakness in China and the US. Lager sales in Europe continued to be weak for the year.
Through the year, consumers in Europe and North America have been drinking less of the mainstream lager that SAB and other large brewers sell.