Brewer SABMiller announces rise in half-year profits

Britain-based brewer SABMiller reported a 15-percent rise in half-year profits to $1.59 billion (1.24 billion euros) on Thursday on growth in emerging markets and after last year's takeover of Foster's. Profit after tax increased in the six months to September 30 compared with net earnings of $1.38 billion in the first half its 2011/12 financial year, said the maker of Grolsch, Miller Lite, Peroni Nastro Azzuro and Pilsner Urquell. Revenue, including income from associate and joint-venture groups, grew 11 percent to $17.47 billion in the current first half, SABMiller added in its earnings statement. "Broad-based revenue and profit growth in the first half reflects the continued success of our approach to the development of our brands, product portfolios, distribution and sales effectiveness," SABMiller chief executive Graham Mackay said in the release. "Margins have risen modestly despite higher input costs, as a result of our cost reduction and procurement initiatives supplemented by a positive contribution from the acquisitions and business combinations concluded in the second half of last year." The company added: "We have recently seen moderation of economic growth in some countries, but the potential of the principal emerging markets in which we operate remains strong."