SABMiller posts rising Q1 sales

(MENAFN- AFP) British drinks giant SABMiller enjoyed rising first-quarter sales, aided by Africa and Latin America, despite a slowdown in Europe and a weaker showing in China, it said Thursday.

Adjusted revenues, stripping out the impact of currency fluctuations, grew 3.0 percent in the three months to June 30 compared with a year earlier, the London-based brewer said in a trading update.

However, that dashed market expectations for a larger gain of 3.8 percent, according to analysts polled by Bloomberg News.

Lager volumes meanwhile dipped one percent, confounding forecasts for an increase of one percent.

"Both revenue and volumes grew strongly in Latin America and Africa in the quarter, tempered in particular by a challenging quarter in our key European markets where the trading environment remains difficult and softer volumes in China," said Chief Executive Alan Clark in the statement.

SABMiller is the world's second largest brewer behind Belgium's Anheuser-Busch InBev, and produces lagers including Foster's, Grolsch, Peroni, Pilsner Urquell and Miller Genuine Draft. It is listed in London and Johannesburg.