SABMiller sees profit fall on back of currency movements
SABMILLER yesterday said unfavourable currency movements caused its pre-tax profits to slide to $1.5bn (£893m) for the six months to 30 September, down 26 per cent on the same period a year ago.
The London-listed brewer of Miller Lite, Grolsch and Peroni Nastro Azzurro beers also reported a 21 per cent fall in revenue to $8.85m from $11.2m in 2008.
Chief executive Graham Mackay said: “The weakness of our major operating currencies against the US dollar has affected our reported results, but we have continued to generate a strong underlying performance.”
SAB said that when currency fluctuations were stripped out, its earnings were up 11 per cent. The group also said it had launched a four-year programme to cut costs and streamline finance, human resources and its procurement activities.
An SAB spokesman said: “The financial position of the group certainly remains strong, particularly in comparison to other years.
“The currency situation is improving and we certainly should get some benefit from more favourable currency movement in the second half.”