Foster's Group Posts $1.1 Billion Second-Half Loss on Wine Unit Writedown
Foster's Group Posts $1.1 Billion Second-Half Loss on Wine Unit Writedown
Aug 23, 2010 6
Foster’s Group Ltd., Australia’s biggest beer and wine maker, posted a loss after a A$1.2 billion ($1.1 billion) writedown on its wine division.The Melbourne-based company had a net loss of A$820.1 million in the six months ended June, compared with net income of A$27 million a year earlier. Second-half figures were calculated by subtracting first-half earnings from the A$464.4 million full-year loss Foster’s reported today.
The 12-month loss was expected to be A$456.3 million, according to the average of three analyst estimates compiled by Bloomberg. Earnings before items for the past year were A$711.3 million.
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