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London - Brewing giant SABMiller saw beer volumes dip slightly as forecast in the six months to September as the global slowdown continued to hit demand, with declines in Europe offset by strong growth in China.
The London-based brewer of Miller Lite, Peroni and Grolsch said in a statement on Thursday that underlying volumes in the first half of its trading year fell 1%.
Most forecasts in a poll of analysts by Reuters ranged from flat to a 1% decline as the brewer's sales continued to suffer from price rises pushed through to offset sharp rises in commodity costs.
The world's No 2 brewer after Anheuser-Busch InBev said its financial performance was in line with its own expectations, adding that group revenue was supported by the price rises taken in its previous financial year.
The group, which also brews Castle, Snow, and Pilsner Urquell beers, said beer volumes dipped 1% in Latin America, fell 6% in Europe and slipped 3% in South Africa, while Asian volumes rose 9% boosted by strong growth in China and its Africa region was up 3%.
In the United States, where it formed the MillerCoors joint venture in July 2008, sales to retailers were off 1% in the half-year with both key brands Miller Lite and Coors Light seeing volumes down.
- Reuters