SABMiller, the world's second largest brewer, has announced that its results and earnings per share for the first five months until the end of August are ahead of last year.
But in its trading statement it said that Miller Brewing Company, which it bought two months ago, is performing below last year.
Chief executive Graham Mackay said: "For the five months ended 31 August 2002, the group has delivered results and earnings per share ahead of last year - a very satisfactory performance in the light of the significant depreciation of some southern African currencies in 2001."
The company reported positive results across Europe and Africa. Central and Eastern Europe produced strong volume growth despite the flooding in the Czech Republic. Both Poland and the Czech Republic "have performed particularly well" it said but Russia is behind expectations.
In Africa lager volumes have grown in all major markets.The economic downturn in Central America means that profitability has remained behind expectations.