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Selling more Ready-To-Drink brands meant DB Breweries sold more alcohol in the December quarter but profit dropped 28 per cent, according to its parent company Asia Pacific Breweries.
The company's financial announcements show its New Zealand arm, which it took full ownership of in 2004, made a $16.8 million profit before interest and tax for the three months to December 31, a 46 per cent drop on the same period last year.
The drop was put down to a weaker New Zealand dollar, intense competition, higher duties and higher packaging costs.
Excluding translation loss arising from the 25 per cent decline in the New Zealand dollar, profit fell 28 per cent.
Overall, a higher volume of 2 per cent was registered, driven mainly by the non-beer products such as the RTD brands, the company said.
Overall Asia Pacific Breweries' profits increased 13.4 per cent to $S48.3 ($62.8) million, which included $S3.5 ($4.55) million from the sale of Liquorland in New Zealand.
- NZPA
