Foster’s in the Red
August 23
10:58
2011
Foster’s, which is the subject of an A$10 (Eur7b) hostile takeover by SABMiller, has reported a net loss of A$89m for the year ended June 30th last. Impacted by a 6% decline in the Australian beer market, Foster’s profit before one-off items fell 8.7% to A$494.9m.
Foster’s expects that the rate of decline in the Australian beer market to moderate in the first half of its 2012 financial year.
In a bid to maintain investor support in the battle to prevent a takeover by SABMiller, the Foster’s board has announced it will return A$500m to shareholders through a share buyback.
