Interbrew, the Belgian brewer, has seen profits drop 12 per cent for the first half of the year to £365m.
The maker of Stella Artois was hit by the sale last year of Carling Brewers to Coors, and a £40m write-down to cover costs from the distribution deal with Tradeteam.
Interbrew also suffered because of poor weather in central and eastern Europe.
It was also hit by a legal battle with its business partner, Mexico's second-ranked brewer Femsa. Femsa has obtained a US court ruling preventing Interbrew from selling its leading brand Beck's through the Labatt USA distribution network.
The Belgian brewer is appealing the ruling.
The brewer did strengthen its position in the US on-trade by signing a £69m deal for the Bass Ale export rights. At the moment the American import and distribution rights are owned by Diageo, the world's biggest drinks business.
Interbrew will take control of Bass in 2003. The deal will give Interbrew 23.7 per cent of the US import market.
Analysts had expected a slight rise in profits before interest, tax and amortisation, but instead the brewer announced a fall from £415m to £365m.
Interbrew, whose brands included Stella Artois and Beck's, also reported little movement in sales and volumes and an 18 per cent fall in net profits.
Sales fell 1.8 per cent to £2.18bn from £2.21bn.