Brewer SABMiller Plc
The world's No 2 brewer and maker of Miller Lite, Peroni and Grolsch earns over 80 percent of its profit from fast- growing emerging markets and these expanding markets helped offset declining North American and European profits.
The London-based company reported adjusted earnings per share of 103.3 U.S. cents for its half-year through September, below the forecast 103.9 cents from a company-compiled consensus and a ThomsonReuters I/B/E/S forecast of 103.5 cents.
Its half-year dividend was raised 10 percent to 21.5 cents.
Economic and market environments in the USA and Europe are expected to remain difficult with generally favourable conditions elsewhere, particularly in Latin America and Africa, Chief Executive Graham Mackay said in a statement.
He added that raw material costs were expected to rise at a slightly faster rate in its second half and into the next year, but the group continued to expect the rise in its year to March 2012 to be in low single-digits.
The brewer has been active on the deal front, agreeing to buy Australia's Foster's in September for $10.2 billion, while the following month it swapped its Russian and Ukrainian business for a 24 percent stake in Turkish brewer Anadolu Efes
Group revenue rose 10 percent to $15.7 billion in the half year and operating profit or EBITA was up 10 percent to $2.7 billion, while underlying beer volumes rose 3 percent.
Other brewers have seen mixed fortunes, with world No. 1 Anheuser-Busch InBev
(Editing by David Holmes)