Brewer SABMiller posts small rise in annual profit

Britain-based brewer SABMiller on Thursday announced a 4.0-percent rise in annual net profits as growth in emerging markets offset sliding beer sales across Europe. Profit after tax increased to $3.381 billion (2.474 billion euros) in the year to March 31 compared with the group's performance in 2012/13, SABMiller said in a statement. Revenue fell 4.0 percent to $22.31 billion, added the maker of the Grolsch, Peroni and Miller brands. "Trading conditions are expected to remain broadly unchanged from the year just ended, with growth continuing to be driven by our developing markets," SABMiller said after seeing success in Latin America, Africa and Asia in its last financial year. While for 2013/14, underlying pre-tax profits rose four percent at its Latin America business, they fell 10 percent for its European operations. The company meanwhile added that earnings would continue to be hit by dollar exchange rates. SABMiller said that depreciation of currencies against the dollar impacted its underlying pre-tax profits by about $400 million in 2013/14.