SABMiller reported a slight increase in full-year profit as the multinational beer company's sales in developing markets such as Africa and Latin America helped offset tougher trading conditions in Europe and North America.

Net profit rose to $3.38 billion in the year to March 31, up from $3.25 billion a year earlier, on a slight fall in revenue to $22.31 billion from $23.2 billion as the depreciation of emerging-market currencies like the South African rand pegged back growth in sales and profit. The brewer said the full-year impact of this trend on earnings before interest, tax and amortization was $400 million.

SAB has gained from strong demand in developing economies in the past five years, as consumers have traded up from home-brewed alcohol to branded beer. Emerging markets make up around 75% of the company's earnings.

SABMiller reported a 10% fall in earnings from Europe, as bad weather in the Czech Republic, tough competition in Poland and a weak market in Italy offset growth in the U.K.

The company also said that it had launched a new program to restructure some of its back office operations to standardize functions such as finance, human resources and procurement. It said the program would cost $350 million but generate cost savings of about $500 million a year by 2018.

Source: www.wsj.com