SABMiller, the world's second-largest brewer, reported higher profit for the first half of its financial year, as sales growth in Africa was partially offset by declines in Europe and North America.

Adjusted earnings rose 3 per cent to $1.204 per share on group net producer revenue which rose 1 percent to $13.79 billion.

Analysts were expecting adjusted earnings of $1.21 per share on revenue of $13.79 billion, according to a company-supplied consensus.

Group net producer revenue (NPR) comprises group revenue less excise and similar taxes, including the group’s share of associates’ and joint ventures’ excise and similar taxes.

Lager volume rose 1 per cent, the company said, with good growth in Africa partially offset by declines in Europe and North America. (Reuters)