Brewer SABMiller has reported a 13% increase in half-year profits, as sales growth in emerging markets offset a decline in Europe and North America.
The owner of beer brands as Grolsch and Peroni made a pre-tax profit of $1.7bn (£1bn) in the six months to 30 September, up from $1.5bn a year ago.
Revenues at SAB, whose headquarters is in London, rose 7% to $14.2bn.
Its sales volumes were down 5% in Europe, but increased by 11% in Africa and by 10% in Asia.
Sales in the US and Canada were 5% lower.
Graham Mackay, the brewer's chief executive, said the firm had delivered a strong financial performance in the face of mixed global trading conditions.
He added that SAB was continuing to benefit from its work to make cost savings.