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SABMiller earnings top forecast with 19 percent rise


    LONDON (Reuters) - SABMiller , the world's biggest brewer, beat forecasts with a 19 percent rise in annual earnings but added beer volume growth in its current first-half will be hit by high input costs and high comparative figures.

    The London-based maker of Miller Lite, Peroni and Pilsner Urquell beers posted adjusted earnings per share on Thursday of 143.1 U.S. cents for the year to March 31 compared to forecasts of 134.1 to 142.1 cents with a consensus of 137.8 cents.

    The group added that the economic outlook across its global operations, which is biased towards growth markets in developing countries, remains positive, but added a note of caution.

    "In the current year, volume growth in the first half will be affected by high comparative growth rates, and pressure on input costs will continue to increase although pricing and mix benefits are again expected to compensate for these cost increases," the group said in a results statement.

    The group, which bought Dutch brewer Grolsch in February and is waiting for approval to combine its U.S. operations with Molson Coors proposed a full-year dividend up 16 percent at 58 U.S. cents a share.

    The brewer is seeing beer volume growth slow as it pushes through price rises to offset higher commodity costs such as for grain, glass and aluminum, while high-margin areas like South Africa and Latin America suffer from slower economic growth.

    Underlying beer volumes in its financial year grew 7 percent but analysts say growth slowed to 1 percent in its fourth quarter of January-March 2008.

    Its annual EBITA (earnings before interest, tax and amortization) margin remained level with the prior year at 17.4 percent as the group offset higher commodity costs by increasing its beer prices and made productivity gains.

    (Reporting by David Jones; Editing by Louise Ireland)