InBev’s second quarter net profits surged 27 percent

InBev registered EUR 499 million (USD 680 million) net profit in the second quarter, as increased beer volumes in Latin America, Russia and Asia outweighed lacklustre sales in Europe, the U.S. and Canada.

The company posted EUR 394 million (USD 504 million) net profit a year earlier.

Revenues for the three months ending June 30 climbed almost 10 percent to EUR 3.7 billion (USD 5 billion), from EUR 3.3 billion (USD 4.2 billion) in the same period last year.

InBev’s sales grew in Brazil, where it controls more than 60 percent of the market. Russians and Ukrainians also liked the taste of InBev brands, with the company posting strong growth in the region. However, sales declined in Western Europe and North America, where discerning consumers are seeking out new beers or turning more to wine and spirits. In Britain volumes were down just over 10 percent as sales of Stella Artois continued their downward course. Germany was also down, although InBev claimed its more lucrative brands had grown in the quarter.

InBev also announced a EUR 300 million (USD 409 million) share buyback that will run until October 2008.