DENVER (AP) — Beer maker Molson Coors Brewing Co. said Tuesday that its second-quarter profit fell nearly 25 percent due to rising costs and an alcohol ban in a part of India.
Denver-based Molson Coors sells Coors Light, Blue Moon and other beers in South America, Europe, Asia and parts of North America. In the U.S., it operates through MillerCoors, a joint venture with beer maker SAB Miller PLC. Molson Coors is in the process of buying SAB Miller's stake in MillerCoors for $12 billion, giving it full control of the company. Molson Coors expects that deal to close before the end of the year.
Molson Coors reported net income of $172.3 million, or 80 cents, in the three months ending June 30, compared with $229 million, or $1.23 per share, in the same quarter a year ago.
Earnings, adjusted for costs related to mergers and acquisitions and to account for discontinued operations, came to $1.11 per share.
Revenue fell 2 percent to $986.2 million in the period.
Higher spending on marketing, plus costs related to its MillerCoors acquisition, hurt its results, the company said. Meanwhile, the Indian state of Bihar completely banned the sale of alcohol in April, including alcoholic drinks sold at bars and stores.
Shares of Molson Coors were unchanged an hour before the stock market opened Tuesday. The stock has climbed 42 percent in the last 12 months.