Foster's Earnings Suffer As Wine Uncertainty Lingers

Australian alcoholic drinks major Foster's Group has posted disappointing first-half financial results as its underperforming wine business continues to weigh on the company. Group earnings for the six months ending December 2009 fell by 14% year-on-year (y-o-y) to AUD570.1mn (US$506.3mn), while revenue and volumes declined by 4.4% and 2.2% respectively. However, if the wine division's problems are well known, a new concern might be the slightly disappointing performance of the company's domestic beer division, with H110 suggesting that it needs to sharpen its focus in this

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