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Bass PLC shares plunge on UK market.

Shares in Bass PLC, Britain's biggest brewer, plummeted last week, following the announcement of worse than expected results and a pessimistic statement by Ian Prosser, chairman and chief executive officer.

Bass shares plunged 50 pence (77 cents), or 9.4%, to 483 pence, and dragged down the Financial Times Stock Exchange 100-share index.

The brewing company reported a 14 percent slide in pretax profit to 228 million pounds ($350 million) from 266 million pounds for the first half ended April 10.

Bass blamed a severe downturn in its European hotel operations and an increased provision against trade debts and free trade loans in its brewing business.

Mr. Prosser said that Bass doesn't foresee any fast recovery in the British economy, and so expects "limited benefit from it in the second half of its trading year."

According to analysts, the absence of a bullish forecast had hurt Bass's stock more than the first half figures.
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Publication:Modern Brewery Age
Date:May 31, 1993
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