MELBOURNE: Australia’s largest brewer, Foster’s Group Ltd, said yesterday its first-half profit had been hit by weak US wine earnings, but added that it might have seen the worst of tough market conditions.
Foster’s underlying profit for the six months ended Dec 31, 2003, edged up 2.9% on strong beer sales as a US wine oversupply and sales of cut-price “extreme value” wines slashed earnings at the division, once seen as the company’s main growth driver.
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