Craft beer giant SABMiller, currently the target of a takeover by rival Anheuser-Busch InBev (AB InBev to its friends) which will create a $275bn (£177bn) megabrewer, saw a nine per cent fall in reported revenues in the three months to the end of September, due to currency changes.
The exchange rate movements took the positive edge off the three month period, during which sales volumes rose two per cent.
The Peroni owner, which bought Greenwich-based craft brewer Meantime in May, said investments in Latin America were paying off with a seven per cent rise in sales, and Africa where sales climbed six per cent. However, the weakness of key currencies against the dollar dented revenue.
"While adverse currency movements have materially impacted our reported results, we have a strong business with exceptional long term prospects. Our strategic priority of driving superior top line growth through strengthening our brand portfolios and expanding the beer category is showing clear results," said Alan Clark, the company's chief executive.
Shares fell 1.5 per cent to 3,708p in early trading.