AMSTERDAM (AP) - Anheuser-Busch InBev, the world's largest brewer, says its third quarter profits rose on a mix of higher selling prices and cost-cutting, despite lower volumes.

AMSTERDAM (AP) Anheuser-Busch InBev, the world's largest brewer, says its third quarter profits rose on a mix of higher selling prices and cost-cutting, despite lower volumes.

The Leuven, Belgium-based company said Thursday net profit was up 31 percent to $2.37 billion, from $1.81 billion in the same period a year earlier, reflecting the company's $20 billion June purchase of Mexico's Grupo Modelo. Revenues were up 3.0 percent to $11.6 billion, as volumes sank 1.3 percent, but revenue per hectoliter rose 5.7 percent. Among the best performing brands were its flagship Budweiser beer, which grew global sales by 8.1 percent.

ABInBev bought Modelo, including the right to sell and market Corona globally except in the U.S., where AB InBev brands including Bud Light already have a market share of around 50 percent.