Malaysia: Guinness Anchor Bhd has recently announced a 16.2% year-on-year fall in net profit to RM28.64 million for its second quarter ended December 31 2004 against RM34.20 million a year ago. The decrease was attributed to sales drop due partly to speculation about lower excise duty on imported alcoholic products, which could affect demand for local beer. Managing director Theo de Rond said the earnings and sales were affected by the 26% increase in excise duties on beer and stout in the Budget 2005 proposals.
Revenue declined 3.9% to RM262.38 million from RM273.25 million, the company said in a statement on Feb 3. Earnings per share was 9.48 sen compared with 11.32 sen. Guinness also declared an interim dividend of 12 sen per 50 sen share.
For the first half, net profit rose 4.7% growth in net profit to RM57.95 million in the first half ending Dec 31, 2004 from RM55.33 million a year ago. Revenue was RM544.78 million compared with RM514.49 million.
Theo de Rond said the company expects a challenging period in the subsequent two quarters of its financial year ending June 30, 2005. The higher tax would aggravate problems arising from beer smuggling activities and cheaper imports. “It will change the landscape and make it an even more competitive environment for us to operate in. Growth in the duty-paid malt liquor market has been curtailed and we do not see bright prospects of it growing remarkably,” he said.
The company would continue to focus on organisational effectiveness and operational efficiencies to meet the challenges of competitive pressures and difficult business environment, supported by diverse product portfolio, he said.
Guinness produces, markets and distributes Guinness, Tiger Beer, Heineken, Anchor Smooth Beer, Anchor Ice, Baron’s Strong Brew, Kilkenny, Lion Stout, Anglia Shandy and Malta brands.
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