SABMiller higher after profit gain

SABMiller (SBMRY) rode strength in developing markets to an improvement in net profit for the fiscal year which ended on March 31.

The global brewer reported profit of $3.38B vs. $3.25B a year ago.

Currency devaluations in emerging markets had a negative impact of $400M on earnings.

Full-year sales volume was up 2%, paced by a 5% gain in soft drink volume. Lager volume rose 1% during the period.

Shares of SABMiller were up 3.6% in London trading.

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