Molson Coors profit drops 28 pct on higher marketing, taxes

Thu Feb 14, 2013 7:50am EST
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Feb 14 (Reuters) - Molson Coors Brewing Co, known for its Molson Canadian, Miller Coors and Coors Light beers, reported a sharp drop in fourth-quarter profit, hurt by higher marketing costs and corporate tax rates.

Underlying net income for the quarter ended Dec. 29 fell to $126.1 million, or 69 cents per share, from $176.0 million, or 97 cents per share, a year earlier.

Net sales rose 9.9 percent to $1.03 billion.