Brewing giant's profit dives 95%

Brewer Anheuser-Busch InBev's fourth quarter profit plunged 95 percent as it paid the costs of the takeover that formed it last year and as beer sales went flat or fell, the company said yesterday.

The world's largest brewer said it would now focus on reducing the massive debt from InBev's $52 billion takeover of Anheuser Busch, and would cut costs and sell off some $7 billion in assets.

AB InBev said profits fell to 49 million euros from 900 million euros a year earlier. Total revenues were up 35 percent to 5.2 billion euros from 3.9 billion euros.