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Profits jump at MillerCoors

MillerCoors, the second largest brewer in the US, yesterday reported a 16.4 per cent rise in second-quarter net income while accelerating the timing of its merger savings. The firm, which consists of the combined US operations of SABMiller and Molson Coors, produces brands such as Miller Lite and Coors Light, and said underlying net income in the quarter was $325.3m (£192.1m) with net sales up 1.6 per cent to $2.14bn in the April-June quarter. MillerCoors said it was on track to deliver its stated goal of $500m of annual cost savings.