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MELBOURNE - Foster's Group, Australia's largest alcoholic drinks company, said today its first-half net profit items rose 11 per cent, driven by strengthening global sales.
Foster's, which has more than 50 per cent of the Australian beer market, said earnings before one-off items rose to A$363 million ($413 million).
Beer sales have grown, helped by retailer discounting, and the wine business has improved in the United States and the UK. Foster's wine business is the world's second-largest after US-based Constellation Brands Inc. and includes the Rosemount, Penfold's and Lindemans brands.
Foster's shares spiked higher several times last year as the company fended off persistent speculation that it was a takeover target for private equity funds. The stock has gained about 28 per cent since mid-2006, compared with 17 per cent for the broader market.
- REUTERS
