SABMiller profit falls to $4.1bn after takeover

SABMiller, the brewer that's due to be bought by Anheuser-Busch InBev later this year, reported a decline in full-year profit as it was saddled with charges related to some African operations and costs associated with the takeover.

Adjusted pretax profit fell 16 per cent to $4.1 billion in the year through March, the company said in a statement.

Earnings were hurt by a $572 million charge as the brewer scaled back operations in Angola and war-torn South Sudan, as well as $160 million in costs associated with the AB InBev deal.

AB InBev is selling SAB’s Peroni, Grolsch and Meantime brands in Europe to satisfy antitrust concerns as it seeks to close the deal in the second half of the year. SABMiller also said it expects its performance to be crimped by the strong dollar in the year ahead. – (Bloomberg)