23 Nov 2012

Global brewery reports higher profit

10:28 am on 23 November 2012

SABMiller has lifted its half year profit, driven by strong sales of beer in Latin America and Africa.

The brewer says pre-tax profit rose 12% to $US2.3 billion in the six months to September, which boosted its shares by 6%.

Sales rose 11% to $US17.5 billion, helped by its acquisition of Australian brewer Foster's.

Executive chairman Graham Mackay said robust demand in emerging markets, which account for around two thirds of sales, helped offset the impact of tough economic conditions in the mature drinking markets of Europe and the United States.

SABMiller bought Fosters last year for $US10.3 billion, in a deal which gave it almost half of the Australian beer market.