Slight lift in DB operating profit

The brewing company says net sales for the six months ended March grew 2.2% to $159.9 million compared with $156.5 million last year.

Net profit for the period was $13.4 million compared with last year's result of $48.7 million, but the company notes that the previous year included $35.3 million from discontinued operations.

MD Brian Blake, says the New Zealand beer market has remained relatively stable during the period although sales in the premium sector continue to increase. He says that growth presents the company with further opportunities to maximise higher margins from its premium Heineken and Monteith's brands.

Mr Blake also noted that the interim result has been achieved despite the fact the brewing industry has absorbed significant cost increases during the past 24 months.

"DB Breweries Limited has kept its manufacturing costs within budget during the past six months despite increased costs, particularly malt and aluminum cans."

Mr Blake says the company is on track to meeting its operational and financial targets for the financial year.

The brewer has announced a fully imputed interim dividend of 12.5 cents per share.

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