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Foster’s swings to loss following writedown

Foster’s Group swung to a net loss over last year, as earnings were marred by a writedown on its failed wine division’s assets.

The brewery announced on Tuesday that it had dropped to a net loss of AUD464.4 million (USD412.7m) from a net profit of AUD438.3m (USD 391.48m) a year ago. The results were mainly hit by an AUD1.3 billion (USD 1.16b) pre-tax writedown of the company’s failed wine project. Profits were also down, with net profit landing at AUD698.3m (USD623.72m), down from the previous year’s AUD725.5m (USD648.01m)

Net sales revenue was AUD4.29b, (USD3.83b) down from AUD4.49b (USD3.99b) a year ago.

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(Source: The Wall Street Journal Online)