Australia: J.Boag & Son, Australian beer maker, owned by San Miguel Australia Holdings, announced a fivefold increase in profits for 2003. The brewer said that net profit after tax at its parent company leapt to A$3.85 million for calendar 2003 from A$799,000 the previous year. The results are attributed to the offloading of its loss-making restaurants. Sales revenue reached A$66.6 million, compared with A$66 million previously, but the 2002 figures included A$4.7 million in sales from several TGI Fridays restaurants which were running at a loss. The company freed itself from the restaurants in August 2002. Pre-tax profits in the year to 24 December 2003 were A$6.17 million, up from A$2.17 million in 2002, while net cash flow from operating activities hit A$10.7 million compared to A$7.78 million year-on-year.
J Boag, based in Tasmania, said the growth of its flagship James Boag Premium Lager had outstripped the overall premium beer sector. The brand is now ranked second in the country after Foster’s Group’s Crown Lager. The company also said that it intends to open a second high-speed bottling line at its factory in Launceston at a cost of A$10 million. Work is expected to be completed by October this year. San Miguel acquired Boag in 2000 for A$92 million.
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