InBev reports profits rise, but short of market forecasts

For the three months to September, InBev said its net profit rose 15% from the level 12 months earlier to US$1.83 billion on sales of $10.26 billion, little changed and also short of forecasts for $10.32 billion.

Analysts polled by Dow Jones Newswires had expected net profit to show a gain of 28% to $2.04 billion.

In early trading, the company's shares lost 1.18%.

Sales by volume were down 0.3% in the third quarter, as gains in the United States and Asia-Pacific were offset by slower business in central and eastern Europe, the company said.

US volumes were up 1.3% and rose 2.2% in China but were down 0.6 in western Europe markets.

In eastern Europe, InBev said volumes plunged sharply due to regulatory changes - Russia was down 17% and Ukraine lost 8.3%.

The three core brands - Budweiser, Beck's and Stella Artois - posted volume gains of 5.8% combined, the company said.

InBev highlighted the importance of social networks to its business, claiming that Budweiser was now the world's leading beer brand present on such systems.

It gave no forecast for overall 2012 figures and added that it expected to complete the $20.1 billion acquisition of the 50% of Mexico's Grupo Modelo, the maker of Corona, which it does not already own in the first quarter of 2013.

Source: AFP