GLOBAL: SABMiller Q3 sales rise but rain dampens China

• Q3 net sales rise by 8%
• Overall volumes up by 2%
• Soft drinks volumes increase by 3%
• China volumes dip by 3%  

SABMiller has posted a jump in third-quarter sales despite bad weather in China that saw its volumes in the country dip.

Net sales rose by 8% on an organic basis in the three months to the end of December, the brewer said in a trading update today (22 January). Overall volumes climbed by 2% on an organic basis in the same period. 

In China, the brewer, through its JV CR Snow, saw organic volumes fall by 3% after a cold and wet winter depressed demand, it said. Asia-Pacific volumes, which exclude Australia, fell by 1%, mainly because of China, the company added. 

It was a sharp turnaround from H1 results, when higher profits in China helped drive an overall 13.2% increase in net profits. In Q3 results last year, China saw volumes increase by 5%.

SABMiller said that its financial performance for the quarter was "in-line with expectations", but did not reveal profit details. 

• Asia Pacific -1%
• Latin America +6%
• Africa +4%
• South Africa  +3%
• Europe +1%
• Australia -15%

In Australia, SABMiller continues to face problems with its troubled Foster's unit that it bought in 2011. In Q3, its total lager volumes in the country fell by 15%. However, flagship brand Victoria Bitter grew its volumes by 2% in the wake of an abv rethink, announced in September.

SABMiller's premium beer in South Africa, Castle Lite, continued its strong performance with a 20% volumes increase, the company said. Soft drinks volumes dipped by 3% in the country after a price rise.

The company's overall soft drinks volumes were up by 3% on an organic basis.

In early trading today, SABMiller's shares were up slightly after dipping as much as 2% yesterday.

To read the company's official statement, click here.