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Guinness Brewing Worldwide reports "satisfactory year."

In his annual year-end speech to company stockholders, Anthony Tennant, Guinness PLC chairman, reported Guinness Breweries Worldwide, the group's brewing division, "had another satisfactory year."

Total profits for the division rose 53 percent to 244 million pounds, although excluding exchange effects and the Cruzcampo deal, profits advanced by only 17 percent to 183 million pounds.

"The Cruzcampo group," Tennant noted, "acquired during the year, produced profits of 61 million pounds, more than covering the financing costs and therefore justifying our confidence that the acquisition would not dilute earnings."

The chairman added that Guinness product sales in Ireland were strong, "with both Guinness Stout and our lager portfolio gaining share." Tennant added that sales in Malaysia and Singapore continue to benefit from joint brewing ventures in those markets.

In North America, Tennant continued, on-premise sales of Guinness Stout continued to fare well, while the newly-introduced Canned Draught Guinness continued in U.S. test markets.
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Publication:Modern Brewery Age
Date:Mar 30, 1992
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