• 12-month net profits slip by 8% to US$1.24bn
  • Net sales in 12 months to end of December come in flat, down by 1.6% to $7.73bn
  • Operating profits dip by 8% to $1.24bn
  • Q4 net profits plunge by 48% to $113.1m
  • Net sales in three-month period dip by 1.9% to $1.75bn
  • Operating profits tumble by 48% to $113.5m
MillerCoors has seen its profits fall in 2015 thanks to the fourth quarter

MillerCoors has seen its profits fall in 2015 thanks to the fourth quarter

MillerCoors has seen the latter part of 2015 pull on its full-year bottom line, with one-offs in the fourth quarter hitting profits.

The US joint venture between Molson Coors and SABMiller said late yesterday that net profits in the 12 months of last year fell by 8%, thanks to a 48% tumble in the last three months. The brewer took Q4 hits from costs relating to the pending closure of its North Carolina brewery, announced in September, as well as a $42.4m special charge from a pension plan liability.

On an underlying basis, net profits for the year were flat, but were down by 10.2% in Q4, due to  ower volumes and "increased marketing and information technology investment", MillerCoors said.

Net sales in both the year and the final quarter were down by just under 2%, signifying slowing sales after a flat first half.

"We began to drive substantial improvements to our business in the latter half of 2015 that were necessary to create the foundation for growth we aim to achieve in the years ahead," said CEO Gavin Hattersley. "There were a number of positives in the fourth quarter as ... we invested significantly more in our brands, which resulted in our flagship brands taking further share in the Premium Light segment, while a number of our Above Premium brands also continued their growth."

MillerCoors is set to move to Molson Coors sole-ownership, once Anheuser-Busch InBev completes its purchase of SABMiller.