SABMiller's growth in emerging markets offsets flat Europe

Reuters

LONDON (Reuters) - SABMiller (LSE:SAB), the world's second-largest beer maker, said net revenue rose 4 percent in the first half of its financial year, driven by growth in Latin America and Africa.

The brewer of Miller, Grolsch and Peroni beers said on Thursday trading conditions in Europe and North America improved modestly but were expected to remain under pressure.

For the six months ended September 30, SABMiller said its financial performance was in line with expectations, but noted that depreciation of certain currencies against the U.S. dollar would hurt its reported results.

In the second quarter, net revenue grew by 6 percent, an improvement from the first quarter's growth of just 2 percent.

By region, second-quarter revenue rose 4 percent in Latin America, 3 percent in North America, 12 percent in Africa, and 5 percent in Asia Pacific. It was flat in Europe.

(Reporting by Martinne Geller in London; Editing by David Cowell and Mark Potter)

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