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August 26, 2009

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Foster's brews up profit of US$619m

AUSTRALIAN brewer and wine maker Foster's Group Ltd reported yesterday that its net profit rose 4 percent in the last fiscal year to A$741.5 million (US$619 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.

Foster's 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.


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