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Australian Foster's annual profit rises 4 percent

Australian Foster's annual profit rises 4 percent

Australian brewer and winemaker Foster's Group Ltd. reported Tuesday that its net profit rose 4 percent in the last fiscal year to 741.5 million Australian dollars ($619.2 million).
The Melbourne-based company said in a statement that the market for its struggling wine business would also be tough in 2010, but that the Australian beer market was robust.
Fosters booked a 4 percent increase in net profit ending June 30, 2009, from A$715 million the previous year. This does not include one-off costs of restructuring and redundancies or writedowns of vineyards, brands and inventory of A$397.6 million
"Trading conditions in key wine markets will remain challenging in 2010 due to the ongoing impact from recessionary economic conditions," Foster's said in a statement to the Australian Securities Exchange. "The Australian beer market remains very robust and is benefiting from strong innovation across the category."
Foster's announced in February that it will retain its troubled wine business following an internal review. It is aiming to trim annual operating costs by more than A$100 million within two years by selling vineyards and other noncore assets.


Updated : 2021-05-18 19:04 GMT+08:00