Page last updated at 10:06 GMT, Thursday, 19 November 2009

SABMiller sees 26% drop in profit

SABMiller's Peroni Nastro Azzurro
SABMiller is the world's second largest brewer behind Anheuser-Busch InBev

SABMiller, the world's second largest brewer, has reported a fall in profits after being affected by unfavourable currency movements.

Pre-tax profits came in at $1.5bn (£896m) for the six months to the end of September, down 26% on a year ago.

It was hit by "weakness of our major operating currencies against the US dollar". Revenue fell 21% to $8.8bn.

However, stripping out currency fluctuations, earnings were up 11%, and shares in the company rose 4%.

SABMiller's brands include Peroni, Grolsch and Miller Lite.

The firm added that its results for the second half of the financial year should be boosted by a fall in input costs and exchange rate benefits.

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