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 Thousands of newly-labelled bottles of Coors Light beer head for packaging at the Coors brewery in Golden, Colorado October 16, 2007. REUTERS/Rick Wilking
Thousands of newly-labelled bottles of Coors Light beer head for packaging at the Coors brewery in Golden, Colorado October 16, 2007. REUTERS/Rick Wilking
Reuters

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Molson Coors profit rises

NEW YORK (Reuters) - Molson Coors Brewing Co reported a higher quarterly profit on Tuesday, as increased prices and cost cuts helped offset steeper commodity costs, the stronger U.S. dollar and lower sales volume.

The maker of Coors Light and Molson Canadian said net income was $75.7 million, or 41 cents per share, in the first quarter that ended March 29, up from $34.3 million, or 19 cents per share, a year earlier.

Net sales tumbled to $559 million from $1.36 billion in the year-earlier period, before the company formed the MillerCoors joint venture with SABMiller Plc .

Molson Coors' U.S. sales are now accounted for by MillerCoors, which earlier on Tuesday said first-quarter net sales rose 3.8 percent to $1.72 billion.

Molson said it sold 10.5 million hectoliters of beer in the quarter, down 2.7 percent from the year ago.

(Reporting by Martinne Geller, editing by Maureen Bavdek)

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