• Nine-month net profits up 13.8% to US$434.1m
  • YTD net sales rise 10.1% to $3.2bn
  • Operating profits in nine-months up 16.1% to $438.9m
  • Global Q3 volumes down 0.9% to 17m hectolitres 
The brewer was affected by a write-down in value on two brands in Europe

The brewer was affected by a write-down in value on two brands in Europe

Molson Coors has seen a levelling of profits growth in its year-to-date after Q3 earnings were held back by a write-down in value of two European brands and weak consumer demand. 

Net profits in the nine months to the end of September rose by 13.8% to US$434.1m, the Canada and US-headquartered brewer said today (6 November). Sales in the period increased by 10.1% to $3.2bn, as operating profits came in at $438.9m, up 16.1%. 

The company had reported a 70% jump in first-half net profits as its benefitted from its takeover of StarBev in June last year.

In Q3, net profits fell by 38.8% to $121.8m, as sales slipped 2% to $1.17bn. Operating profits in the three months dipped by 38.9% to $122.7m. Global volumes in the quarter fell by 0.9% to 17m hectolitres.  

The group said the dive in third-quarter profits was partly due to a $150.9m non-cash write-down in the value of its Serbian brand, Jelen, and Ostravar, a regional Czech brand. It also noted continuing “weak” consumer demand across its markets. 

“Despite poor consumer uptake, we have continued to invest in our core brands,” said CEO & president Peter Swinburn. “Our innovation pipeline is delivering a mid-single-digit percent of sales, and our owned above-premium brand portfolio is growing at a double-digit rate globally.”

MillerCoors, the JV between Molson Coors and SABMiller, reported a slight rise year-to-date profits today after flat sales. 

Shares in Molson Coors were this morning trading up 1.59% at $54.87. 

To read the company's full statement, click here