Australia: Coopers Brewery has lifted full year earnings by more than half
Australian beer maker, Coopers Brewery Ltd, which is the subject of a hostile takeover bid from bigger rival Lion Nathan, has recently announced it has lifted full year earnings by more than half as it continues to build on its strong position in the premium beer market, Asia Pulse News stated on September 30. Coopers Brewery Ltd said its net profit for the year ended June 30, 2005, rose 51.3 % to A$14.3 million (US$10.64 million).
The family-owned South Australian brewer's result was built on record revenue of $127.2 million, up 18.2 per cent over the year. Coopers managing director Tim Cooper said the company expects revenue and earnings to continue to grow this financial year. In 2004/05, total beer volumes increased 17.8 per cent as annualised production volume approached 50 million litres per annum. "This result is clear justification for our decision in 2002 to establish our own interstate sales and distribution business," Dr Cooper said.
Interstate beer sales have increased by 72 per cent over the past two financial years since the distribution unit Premium Beverages began operations in March 2003. Coopers chairman Glenn Cooper said volumes outside Coopers' traditional markets of SA and the Northern Territory increased by 34 per cent in the year. "No state outside of South Australia and the Northern Territory has experienced growth of less than 26 per cent."
The company also said it continued to claim market share from Lion Nathan, whose $352 million takeover bid for Coopers comprising $260 per Coopers share has been rejected by the company. "We believe we have a significant competitive advantage over Lion Nathan's South Australian Brewery, which is now operating significantly below its capacity," Dr Cooper said. Coopers declared a final dividend of $3 per share fully franked, up from $1.05 in the previous year. The total dividend for the 2004/05 year was $4.05, up from $1.95. Lion Nathan shares fell six cents to $8.39.
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