Posted AT 6:36 AM EST on 26/08/08
Foster's profit falls on wine woes
MELBOURNE — Foster's Group Ltd., Australia's largest brewer, posted a 9.4 per cent drop in second-half profit on Tuesday, pressured by sliding sales at its Californian wine business and a strong Australian dollar.
In June, Foster's cut its profit outlook as it began a review of the underperforming wine business, the world's second largest with brands such as Beringer, Rosemount and Penfolds.
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