Drinks maker Foster’s Group Ltd
(ASX:FGL) has posted a 13.5% fall in first half net profit but says it expects to continue to see benefits from its corporate transformation in the second half.
Net profit for the six months to December 31, 2009 came to $355.7 million on a 4.7% fall in revenue to $2.4 billion.
Foster’s declared an interim dividend of 12 cents a share, steady with the first half of fiscal 2009.
The company says the result demonstrates ongoing strength in its Carlton United Brewery brands and the impacts of exchange rate movements and recessionary economic conditions on its wine business.
Foster’s says its balance sheet remains strong with net debt at $2.2 billion, interest cover of 8.9 times and committed un-drawn facilities of $1.8 billion.
Foster’s fiscal 2009 profit came to $438.3 million.
