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SABMiller's Zimbabwe unit says lager volumes fell in third quarter

Reuters - UK Focus

HARARE, Jan 18 (Reuters) - SABMiller (Xetra: BRW1.DE - news) 's Zimbabwean affiliate Delta Corp (BSE: DELTACORP6.BO - news) said on Monday its lager beer sales fell in the third quarter as an economic slowdown forced consumers to shift to cheaper sorghum beer.

Delta, 38 percent owned by SABMiller, reported lager beer volumes declined 14 percent in the quarter ending December, a period the company traditionally enjoys its highest sales.

The largest listed company on the Zimbabwe Stock Exchange with a market capitalisation of $797 million, Delta said volumes of sorghum beer and soft drinks were flat, while its revenue was down five percent during the same period.

SABMiller was bought by AB InBev last year.

Zimbabwe is struggling with low commodity prices and faces its worst drought in 24 years that could hit an economy battling to emerge from a damaging recession between 1999 and 2008. (Reporting by MacDonald Dzirutwe, editing by Louise Heavens)