Lion says its 'power' brands, including Steinlager, are still growing. Photo / Richard Robinson
Japanese-controlled brewer Lion Nathan said yesterday New Zealand operations had slowed in the third quarter.
The Sydney-based Australasian brewer said New Zealand beer volumes were up 1.8 per cent to 129 million litres in the year to date.
New Zealand volume growth slowed in the third quarter after
a particularly strong start to the fiscal year due to an abnormally warm summer period.
The inclusion of Easter trading in the first half this year and the second half last year also helped boost first-half sales.
It said its "power" brands, including Speight's and Steinlager, continued to achieve solid growth.
Lion, 46 per cent owned by Japan's Kirin Brewery, said it was confident of its ability to step up earnings in fiscal 2009 and expected net profit to be between A$295 million ($380 million) and A$315 million.
It also confirmed its profit guidance for the 12 months to September 30 would be A$265 million to A$275 million, which includes the one-time item, the acquisition of Tasmanian brewer Boag's.
It said it achieved revenue growth of around 7 per cent for the nine months to June 30.
Total beer volumes grew by 3.3 per cent to 686 million litres for the same period.
The beer market in Australia declined by 1.3 per cent in volume terms, but grew by 3.8 per cent in value. Lion Nathan Wine Group volumes were up 6.8 per cent in the year to date.
- NZPA
