US brewer, Adolph Coors Co, reported a 33% rise in fourth quarter net income from US$12 million to $15.9m. The performance was bolstered by cost-cutting programmes as revenues in the same period declined by 4.1% from $582.1m to $558.4m. Volumes were also down, from 5.5m barrels to 5.3m barrels.

Net income for the full year rose from $109.6m to $123m while sales were up marginally from $2.41 billion to $2.43 billion. Coors, which recently received the go-ahead for its $1.7 billion acquisition of Carling from Interbrew, said that progress in the first part of the year was hampered by weakness in the domestic beer industry and higher labour, packaging and energy costs. However, the company said it had gained momentum from Coors Light sales in the fourth quarter.