Beer giant Anheuser-Busch InBev reported fourth-quarter operating profit on Wednesday that was well ahead of analyst forecasts, helped by record revenues and cost management even as volumes fell more than expected.

Beer giant Anheuser-Busch InBev has today reported fourth-quarter operating profit that was well ahead of analyst forecasts, even as a slowdown in the Chinese beer market dragged volumes down.

The world’s largest brewer’s sales were dragged by continuing weakness in China, but it gained market share in the U.S.