UPDATE 1-SABMiller Q3 beer vols dip one pct due to slowdown

* Q3 underlying beer volumes fall one pct
* Consumer demand hit by current global economic slowdown

LONDON, Jan 15 (Reuters) - Brewing giant SABMiller  reported a one percent fall in third-quarter worldwide underlying beer volumes on Thursday, below expectations, with consumer demand hit by the current global economic slowdown.
The volume fall from the London-based brewer of Miller Lite, Peroni and Grolsch for the October-December quarter was below analysts expectations for a 1.3 to 3.0 percent rise and first-half (April-Sept) volumes only marginally ahead.
But the brewer, No 2 in the world after Anheuser-Busch InBev ), said its financial performance in the quarter was in line with its expectations supported by higher beer prices and cost efficiencies.
Analysts said beer volumes were particularly weak in Colombia, Botswana and Russia, but there were strong performances from South Africa, Peru, Ecuador and Romania.
The group which also brews Castle, Snow, and Pilsner Urquell had already cautioned back in November that prospects for its financial year to March 2009 were "increasingly uncertain" due to deteriorating global economic conditions, weakening consumer demand and volatile foreign exchange rates.
Its shares have risen 40 percent in the last three months to close at 10.60 pounds on Wednesday from a low of 758p in late October, but SABMiller now trades on 10.7 times March 2010 earnings and some analysts say it is looking overvalued compared to Heineken  on 10.3 times 2009 earnings.
(Reporting by David Jones)