Daily Archives: October 28, 2016

AB InBev stumbles as profit falls on acquisition costs, currency translations

Brewing giant AB InBev said on Friday that net profit for the first 9-months of 2016 fell 86% to $842m, from $6bn it earned last year. Similarly, profits earned in the third quarter dropped nearly 60% to $557m, from $1.38bn in the preceding year. The company’s stock fell by as much as 6%, the most since June. The brewer put the blame on acquisition costs associated with its merger with SABMiller, unfavourable currency exchange losses, and a slowdown in Brazil, its second biggest market.

Beta Glass sustains profitability as 9-months profit soar 81%

Beta Glass Plc, the glass container and metal crowns company on Thursday reported a profit surge of 81% for the first 9-months of 2016, rising to N2.9bn, from N1.6bn in 2015.

Despite the macroeconomic difficulties hampering the activities of some of its trading partners, Beta glass said that revenue for the 9-months ending 30th September grew 16% to N13.3b, from N11.5bn in the preceding year.