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Budweiser brewer AB Inbev SA sees sharp drop in profits of 24% in Q1

BRUSSELS--The maker of Budweiser and Stella Artois beer says its first quarter net profit slumped by almost 24 percent despite rising sales volumes.

AB InBev SA, the largest global brewer, said Wednesday net profit fell to US$1.4 billion in the January through March period from US$1.8 billion in the same quarter a year earlier.

The company says revenues rose to US$10.6 billion from US$9.2 billion last year. In the United States its beer sales grew by 2 percent to 27,000 hectoliters, representing about a quarter of global sales.

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