Foster's hit by wine write-downs
The Foster's Group has reported a loss of A$464 million loss in the year to June 30 after write-downs in its wine business of A$1.3 billion.
The Foster's Group has reported a loss of A$464 million loss in the year to June 30, after write-downs in its wine business of A$1.3 billion.
The result follows a net profit of A$438.3 million a year ago.
Foster's posted a net profit of $698.3 million after the write-downs though net sales were lower, at £4.5billion, against A$4.3 billion a year ago.
Chief executive Ian Johnston confirmed the company was still aiming to demerge its wine and beer businesses by the first half of 2011.
He added: "Today's financial results describe a business in which the fundamentals are firmly heading in the right direction, but one that continues to be impacted by subdued consumer confidence in some key markets, by Australian and New Zealand wine oversupply and by unfavourable currency movements."
Keywords:
Search
56-58 Church Walk, Burgess Hill, West Sussex, RH15 9AN
Registered in England No. 6646125. VAT No. 938 4452 95
