By Jenny Ruth
Friday 24th July 2009
|Text too small?|
Lion Nathan's Australian beer volumes increase by "an incredible" 5% on a year-to-date basis compared with the same period a year earlier, says Credit Suisse.
"We calculate that Lion Nathan Australia grew volume in the third (June) quarter by 6% versus the previous comparable period," it says. Lion had owned Boags for two-and-a-half months in the June quarter of 2008.
"The strong beer volume growth is sourced from the strong lift in spirits taxes, causing mix shift toward beer, the Federal (Government) economic stimuli and innovation from the brewers meeting the need of consumers as they exit the ready-to-drink spirits category," Credit Suisse says.
Lion Nathan has said it is on track to report a net profit between $A300 million and $A315 million for the year ending September 30, excluding the cost of Japanese brewer Kirin's $A12.22 a share take over offer which values Lion Nathan at $A6.5 billion. The Australasian brewer reported a $A272.7 million net profit in 2008.
"With Lion Nathan on track to achieve a profit near guidance and well above the prior year, and with Kirin gaining New Zealand Overseas Investment Office approval, we expect the Kirin acquisition of Lion Nathan to close as scheduled in October," Credit Suisse says.
No comments yet
Lion Nathan shareholders overwhelmingly approve A$3.4b Kirin takeover
Lion Nathan on track to meet profit forecast; NZ clears way for Kirin takeover
Daily ShareChat: Lion Nathan | Kirin
NZSE strikes out Lion complaint
Panel agrees to Montana inquiry
NZSE regrets Lion waiver situation
NZSE to explain Lion waiver
Montana directors slam NZSE
Lion sticks with original Montana price
Montana valuation ambitious - Lion