Printer Friendly

Bass recaptures sales, chairman says.

According to Bass PLC chairman Ian Prosser, who spoke at a year-end stockholders meeting, the British concern's "businesses performed well" in the first fiscal quarter, ended December 31.

Prosser reported that despite the beer sales decline Bass experienced in fiscal year 1991, ended September 30, sales "have been recaptured in the first quarter." At the same time, Prosser noted Bass has continued to reduce its overhead costs, involving "the requirement for further exceptional charges against profits."

Reflecting the closure of two breweries, Bass reported it took a $99.3-million charge against its pretax profit in 1991. The result was a five-percent profit decrease to $914 million.

While Bass' beer sales fell 0.5 percent in this year's first quarter, Prosser expects things to pick up in the final four weeks of the period, as had occurred a year earlier. Additionally, Prosser said beer sales in the company's pub chain fell nine percent from last year's figures.

Bass gained an additional $124.2 million with the sale of 389 pubs since October 1, when Britain's Monopolies and Mergers Commission ordered integrated brewers to reduce their pub holdings.
COPYRIGHT 1992 Business Journals, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Bass PLC., Ian Prosser
Publication:Modern Brewery Age
Date:Feb 3, 1992
Previous Article:California markets chosen for launch of two Belgian brews.
Next Article:Pabst claims lead in malt liquor race.

Related Articles
Bass buys Holiday Inn of Holiday Corp.
Bass PLC reports holiday growth.
Bass cites higher annual earnings; overseas growth.
Bass PLC shares plunge on UK market.
Bass PLC pessimistic about U.K. market growth.
British beer makers drown their sorrows.
Bass weighs sale of brewing operations.
Heineken confirms interest in Bass buy.
Bass PLC signals likely sale; talks continue.
SAB issues bonds to build war chest.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters