Australian national grocery wholesaler, Metcash, has reported a 14.3 per cent decline in profit to A$94.4 million for the six months to 31 October 2011. Metcash’s executive Andrew Reitzer said that challenging operating conditions have persisted due to reduced consumer confidence, highly value-conscious consumer, and continuing deflation. The profit decline takes into account “significant items and discontinued operations” associated with the company’s Franklins acquisition. Excluding these... ...Read more »

American multi-national beverage corporation, The Coca-Cola Company, today reported strong third quarter and year-to-date 2011 operating results Releasing its third quarter results today, The Coca-Cola Company reported worldwide volume growth of 5 per cent in the quarter and 6 per cent in the year up to Tuesday 18 October 2011. It reported third quarter net revenues of US$12.2 Billion. The Coca-Cola Company reported growth in its sparkling beverages brands, with worldwide brand Coca-Cola volume growth... ...Read more »

The Federal Government’s Takeovers Panel has rejected accusations from multinational brewer SABMiller that statements published in Foster’s Group Limited’s full year results were “misleading” and “deceptive”. SABMiller’s submission to the Takeovers Panel had raised issues about certain forward-looking financial statements and a pro forma net debt in the Foster’s results presentation. On 17 August 2011, SABMiller announced that it intended to make a conditional off-market takeover... ...Read more »

Australia’s largest supermarket chain, Woolworths Limited, today reported an increase in Net Profits After Tax (NPAT) of 5.1% for the year ending 26 June 2011. Woolworths’ outgoing CEO Michael Luscombe anticipated trading over the next year to be “subdued”, due to falling consumer confidence. Commenting on the company’s full-year results, published today, Woolworths CEO Michael Luscombe claimed the company’s profit increase to be a “sound result” given the “particularly... ...Read more »

In its latest move to fend off a takeover bid by multinational brewer SABMiller, Australian brewing giant Foster’s Group Limited plans to return A$500 million to its shareholders through a share buyback or capital reduction. As well as announcing the buyback bid, Foster’s today released its full year results which show an 8.7 per cent fall in profit and a net loss of A$89 million for the year to June 30 2011. A strong credit profile and proceeds from the Ashwick tax case have led the Foster’s... ...Read more »

Australian-based global winemaking and distribution business Treasury Wine Estates Limited, formerly owned by Australian brewer Foster’s Group Limited, today announced first year profits of A$64.4 million. In its first full year report since demerging from Foster’s in May 2010, Treasury Wine Estates reports earnings that have continued to grow for the third consecutive half. David Dearie, Chief Executive Officer of TWE said, “This is a solid result, our first since we became a standalone... ...Read more »

Leading Australian retail food brand manager and franchisor, the publicly listed Retail Food Group Limited (RFG) today announced a 4.6% rise in net profit, to A$27.2m, for the year ended 30 June 2011 compared with the previous financial year. RFG is the company that owns a number of successful Australian franchise systems including Donut King, Michel’s Patisserie, Brumby’s Bakeries, bb’s cafe, Esquires and Big Dad’s Pies. Despite 193 of its outlets being impacted by severe natural disasters... ...Read more »

Fonterra today announced that it has  raised AU$300 million (NZD $388.3 million) through its first ever issue of corporate bonds in Australia.The bonds are for a five year term, maturing in July 2016. They were priced at a spread of 100bp over swap. The bonds were issued by an Australian subsidiary, guaranteed by Fonterra Co-operative Group Limited. The company said it expects them to be rated A+ by Standard & Poor’s and AA- by Fitch, consistent with the agencies’ current ratings... ...Read more »

McCormick & Co. has reduced its full-year earnings per share forecast despite posting sales and profit growth in the second quarter of its financial year. The US spice manufacturer is cutting its EPS forecast for the full-year by US$0.06 a share to between $2.74 to $2.79 a share due to $9m in costs related to its acquisition of Polish spice firm Kamis and the joint venture it has formed with Indian company Kohinoor Foods. For the quarter ended 31 May, net profit rose 11.2% to reach US$73.6m,... ...Read more »

Fonterra, the world’s largest dairy exporter, has forecast that its payout for farmers could slide in 2011/12 after a “record” 12 months in the current financial year.The New Zealand dairy giant yesterday (24 May) predicted that its payout for the year starting on 1 June would be lower than the current year, when it expects to pay NZ$8.00-8.10 before retentions. The forecast for the current year – when Fonterra expects to see record production – comprises a milk price... ...Read more »