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FE NEWS SERVICE
Melbourne, Aug 24: Foster's Brewing Group Ltd reported a 78-per cent rise in annual net profits on Monday, with its bottomline boosted by the sale of its stake in Canada's Molson Breweries.
Australia's largest and best-known brewer announced a net profit for the year to June 30 of A$446.6 million ($259 million), up from A$250.5 million the previous year.
Without one-off items, group profits after tax came in at A$275.2 million, just above market expectations which ranged from A$263 million to A$273 million.
Abnormal items amounted to A$171.4 million after tax and included a net gain of A$480 million from the sale of Molson, a charge of A$167.7 million from the group's Asian operations and a charge of A$105.7 million from rationalisation and efficiency costs elsewhere.
Foster's said the charge from its Asian operations came from the decision to focus its Chinese brewing operations in Shanghai, with the group saying it now hoped to sell its smaller breweries in Tianjin and Guangdong.
Foster's said its Carlton and United Breweries unit helped improve market share at home to 56.1 per cent from 55.2 per cent and boosted pre-tax profit by nearly 16 per cent to A$421 million. Its Mildara Blass wine group increased earnings by 44 per cent to A$82.5 million.
Foster's sold its half share in Molson during the year for A$1.1 billion.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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