Australia's biggest brewer, Foster's Group Ltd, says it is targeting A$84 million (NZ$122.8m) in earnings -- before interest and tax -- from its domestic and New Zealand wine business this financial year.The profit is an internal management target for the
Australia's biggest brewer, Foster's Group Ltd, says it is targeting A$84 million (NZ$122.8m) in earnings -- before interest and tax -- from its domestic and New Zealand wine business this financial year.
The profit is an internal management target for the 12 months ending June 30, 2011, the Melbourne-based company said in a statement.
Its results for the year ending June 30, 2010 will be released on August 24, but it released the internal target after details were inadvertently disclosed at a media briefing on its rebranding.
The company yesterday renamed its global wine business Treasury Wine Estates ahead of the split, with labels including Penfolds, Lindemans, Beringer and Castello di Gabbiano.
Foster's, which is planning to spin off its global wine assets from the beer division next year, doesn't normally release data for just the Australia and New Zealand wine business and didn't provide comparative numbers.
The company yesterday renamed its global wine business Treasury Wine Estates ahead of the split, with labels including Penfolds, Lindemans, Beringer and Castello di Gabbiano.
Foster's shares rose 0.9 percent to $A5.89 by lunchtime on the ASX, and has gained 7.1 percent this year.
The company in 2001 bought control of New Zealand boutique wine producer, Matua Valley Wines, for $NZ11.2m to access brands such as Matua, Ararimu and Shingle Peak.
