Brewer Foster’s Group Ltd
(ASX:FGL) has reported a 4 per cent rise in full year profit today, thanks to higher beer volumes offsetting a decline in wine earnings.
Net profit for the year to June 30 came to $741.5 million, up from $715 million the year before.
The company says the Australian beer market remains very robust with beer sales revenue up 5.3 per cent, however global wine pre-tax earnings fell 7.3 per cent hit by a slump in consumer demand as a result of the global recession.
In the June quarter Foster’s restructured and separated its Australian beer and wine divisions in an effort to improve the performance of its wine business.
Foster’s says trading conditions in key wine markets will remain challenging in 2010 due to the impact from recessionary economic conditions.
Foster’s Group’s profit’s have been declining over the last couple of years.
