SABMiller fortunes hit by price war

Brewing giant SABMiller today posted an 18% rise in pre-tax profits but warned a fierce price war in the United States continued to water down demand for Miller lager.

SABMiller, which also makes Peroni and Pilsner Urquell, said revenues lifted 19% for the year to March 31 helped by its takeover of Colombian brewer Bavaria in October, which has given it a new growth platform in South America.