Brazil's AmBev, the world's fifth-largest brewer, has recently posted its first-quarter earnings more than doubled on cost savings, price increases and stronger beer sales in its home market. That was more than twice the 222.8 million reais first-quarter net in 2002.

"As part of our commitment to generate savings in real terms of 150 million to 200 million reais in 2003, we reached 76.3 million reais in reduction of costs (of goods sold) and a 78.5 million reais reduction in general and administrative costs in the first quarter," AmBev board co-president Marcel Telles was quoted as saying in a statement.

AmBev said its consolidated net revenue rose 11.3 % to 1.99 billion reais from 1.78 billion reais in the first three months of 2002 thanks to price increases at the end of October and introduction of higher priced niche brands.

AmBev said beer volume sales in Brazil, which account for about three-quarters of revenue, rose a less-than-expected 5.4 percent due to a cool end to the Southern Hemisphere summer.

AmBev's acquisition of part of Quinsa, maker of Quilmes, was approved earlier this year.

12 May, 2003