Printer Friendly

Asahi Breweries, Ltd. pretax profit falls: company confirms commitment to Foster's.

Asahi Breweries Ltd. said consolidated pretax profit fell 2.7 percent to 19.12 billion yen in the year ended December 31, 1992 from the preceding year, as growth in demand slowed modestly amid Japan's economic slowdown.

The company said unfavorable weather after August kept beverage sales, by volume, around the preceding year's levels in 1992 despite an aggressive advertising campaign. Unconsolidated results are those of the parent company alone. Consolidated results include those of subsidiaries and related companies.

Meanwhile, Asahi also said it intends to be a shareholder in Foster's Brewing Group Ltd. of Australia for the long term.

Company spokesmen made a brief statement after Foster's shares fell on the Australian stock market last week, partly on rumors that Asahi plans to reduce its 17 percent stake in the international brewer to 15 percent.

Asahi diluted an original 20 percent holding last year when it sold some of its rights to a Foster's shares issue.

Asahi's statement doesn't completely rule out the possible sale of some of Foster's shares, but says the Japanese brewer confirms it is a "long term holder of Foster's shares."
COPYRIGHT 1993 Business Journals, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Fosters Brewing Group Ltd.
Publication:Modern Brewery Age
Date:Apr 5, 1993
Previous Article:Institute for Brewing Studies sees new opportunities for craft brewers at NRA show.
Next Article:Sometimes you win, sometimes you lose...: Anheuser-Busch loses suit over parody ad.

Related Articles
Foster's Brewing sees sales drop.
Japanese brewers report increases.
Asahi expects a drop in 1992 earnings.
Foster's doubles its first half profit.
Bass cites higher annual earnings; overseas growth.
Molson to refinance with public offering.
Foster's Brewing reports pretax profit.
Foster's hopes for "solid profit" in '94, sees Miller alliance as benefit.
Foster's profit climbs; wine gives a boost.
Asahi on a roll in Japan, posting record net profit in 2001.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters