AMSTERDAM (AP) — Budweiser brewer AB InBev SA, the world’s largest beer maker, says sales and underlying earnings grew in the second quarter, with 7.2 percent growth in Brazil, thanks in part to the World Cup, and it sees an improving economic outlook in the U.S.

But net profit fell sharply because last year’s second quarter earnings included a one-off book gain of $6.42 billion as InBev reappraised the value of its Grupo Modelo subsidiary, which makes Corona.

Net profit was $2.81 billion, down from $7.56 billion in the same period a year ago, the Leuven, Belgium-based company said Thursday.

Revenues rose 15 percent to $12.2 billion, or 5 percent comparing business owned in both periods. Volumes of beer sold rose 1 percent and selling prices increased around 4 percent globally.

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