Brewer SABMiller Says Annual Net Profits Rocket 75%

Chairman Meyer Kahn: 'Through our successful marketing, portfolio development and commercial execution, we continued to build on our position in the world's developing consumer economies.'

Anglo-South African brewer SABMiller, which bought Australian group Foster's last year, said its annual net profits soared by 75%, boosted by growth in emerging markets.

Earnings after taxation surged to $4.22 billion in the 12 months to the end of March, compared with $2.4 billion in the previous financial year, SABMiller said in a results statement.

Revenues, meanwhile, soared by 11% to $31.4 billion, added the group, which also produces Grolsch, Miller Lite, Peroni Nastro Azzuro and Pilsner Urquell.

"I am delighted to report another year of significant progress and strong results," said Chairman Meyer Kahn in the earnings release.

"Through our successful marketing, portfolio development and commercial execution, we continued to build on our position in the world's developing consumer economies.

"Strong profit growth continued, driven by an organic total volume increase of 4% and complemented by favorable mix and pricing."

"We continued to expand our global footprint with the acquisition of Foster's," the company added.

Copyright Agence France-Presse, 2012

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