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Molson Coors profit rises

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Date: Tuesday 06 May 2008

LONDON (ShareCast) - Brewer Molson Coors saw net income surge ahead for the first quarter thanks to strong performance in Canada and the US.

Net income for the three months rose to $37.1m from $4.4m against sales that increased 10.4% to $1.36bn previously.

Underlying pretax income in Canada rose 41.5% to $64.1m while in the US it rose 36% to $61.9m. The UK business reported an underlying pretax loss of $2m in the first quarter of 2008

"We are very pleased with our first quarter results, which reflect continued strong momentum. Across the board, our teams have remained focused on creating profitable growth by building brands and reducing costs,” said Leo Kiely, Molson Coors president and chief executive officer.

“Based on the strength of our brands, sales execution and cost-reduction initiatives, our U.S. and Canadian businesses once again delivered positive pricing and strong sales-to-retail and bottom-line growth. In the U.K., where challenging conditions still dominate the brewing industry, our team grew overall market share and net pricing, he added.