SAB Miller’s India losses mount27 August 2012
Foster’s and Miller brewer SAB Miller losses increased by 50% to $89.8 million this year, according to a report in The Hindu Business Line.
SAB Miller said that it missed revenue targets in Andhra Pradesh - the firm’s largest market in India – partly due to changes in the state’s policy on alcohol sales. The company also reported a 29% decrease in volumes for its Royal Challenge brand which was caused by slow sales in Andhra Pradesh and Uttar Pradesh.
The firm has also witnessed its market share tumble from 34% in 2010 to 23% this year. SAB Miller’s rival United Breweries has a 54% share of the domestic market but also reported a 14% decline in profits to INR1.26 billion in 2011-12.
SAB Miller declined to comment on the reported losses.
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