SABMiller reports higher profits on emerging markets

Brewing giant SABMiller has said that profits improved, driven by growth in emerging markets.

Pre-tax profit in the six months to September rose 12% to $2.28bn (£1.4bn), boosting the shares by 6%.

"We have recently seen moderation of economic growth in some countries," SABMiller said.

In terms of earnings before tax and other costs, Europe fell 10% to $516m. But the Asia-Pacific region surged to 265% to $506m.

Last year, SABMiller bought Fosters for $10.3bn, a deal which gives it almost half of the Australian beer market.

Against the backdrop of a declining UK beer market, where total beer volumes fell by 4.6% to the end of September, SABMiller said its UK volumes rose by 5% - led by strong sales of Peroni Nastro Azzurro.

Volumes of Kozel, a 4% Czech pilsner launched in the UK in 2010, also doubled.

The group's portfolio includes Pilsner Urquell, Miller Genuine Draft and Grolsch. It is one of the world's largest bottlers of Coca-Cola products.

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