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MillerCoors posts 51% first-quarter profits rise
MillerCoors has posted a recession-busting 51% rise in first quarter profits, thanks mainly to fewer promotions and higher prices.
The US joint venture between Molson Coors Brewing and SABMiller brought in $206million in the first quarter of 2009, compared with $136.6m last year.
Net income, excluding employee relocation and retention costs, was $216.4 million, while revenue for the group grew about 4% to $1.72billion from $1.65bn.
The company, which makes Coors Light and Miller Lite, said sales to domestic retailers was up 0.4% thanks to improved sales of Coors Light, Miller Lite, Keystone Light and other brands.
Alan Lodge, 05.05.2009