AB InBev profit tumbles as beer sales go flat

BRUSSELS (AP) - Anheuser-Busch InBev says fourth-quarter profit dropped 95 percent as beer sales went flat or fell as costs for ingredients and packaging rose.
The world's largest brewer reported $61 million in profit compared to $1.1 billion a year earlier. Total revenues were up 35 percent to $6.5 billion from $4.8 billion.
CEO Carlos Brito said executives would not get a bonus because the company had missed targets to expand last year. He said the company would now focus on reducing debt.
For all of 2008, AB InBev profit was down 41 percent to $1.6 billion. Revenues increased 12 percent to $20.2 billion from $18 billion in 2007.