MillerCoors Reports Profit Rise But Lagging Volumes

MillerCoors, the US brewing operation owned jointly by SABMiller and Molson Coors, has reported a 3% rise in sales for the third quarter. In the three months to the end of September sales reached US$2bn, compared to US$1.95bn in the same period a year ago. Underlying net profits came in 28% higher at US$244mn, thanks to the continued realisation of synergies. However, this increase in revenues was exclusively driven by price rises as volumes dipped by 1% to 18.4mn barrels during the quarter and by 1.6% during the first nine months of the year. The firm's CEO Leo Kiely warned

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