InBev, the world's largest brewer, posted a higher nine-month core profit and forecast better results for the year, boosted by acquisitions and strong growth in emerging markets like Russia.

The Belgian brewer said its core profit rose 7.2 percent, but soared more than 50 percent when including items such as a gain from the sale of a stake in a Mexican brewer and contributions from Brazil's AmBev and other acquisitions. Growth in volume and sales was also strong, leading InBev to forecast higher results for the year.

"InBev expects it will achieve in 2004 an organic (internal) performance broadly in line with what was achieved for the first nine months of the year," it said in a brief trading update. InBev has set a target of selling 5 percent more beer this year excluding acquisitions.

Known for its Stella Artois brand, InBev became the world's largest brewer by volume in August when it closed its purchase of AmBev -- short for Companhia de Bebidas das Americas.

The deal was the brewer's crowning achievement after years of acquisitions in a quickly consolidating sector. AmBev's one-month contribution to results helped push earnings before interest, tax, depreciation and amortisation (EBITDA) to 1.7 billion euros ($2.16 billion) for the first nine months of the year from 1.1 billion euros a year ago.

(From Reuters, November 03, 2004)
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