AUSTRALIA: Beringer keeps Fosters moving forward
Australia's Fosters Group will reveal its half-year results on Tuesday with forecasts predicting a less than stimulating set of numbers.
Fosters is expected to show a profit of between A$300m and $310m for the first six months and it has been widely rumoured that the figures have been saved by the wine division.
A poor summer in the state of Victoria is thought to have contributed to poor sales, which Merrill Lynch expects could mean just a 3% increase in beer earnings.
Beringer Blass, the wine division, is expected to produce better results and it seems to have avoided much of the demand downturn in the US so far.
Analysts are also expecting Fosters to announce that it will be selling more of its property - in particular its portfolio of pubs and hotels. One rumour suggests that Fosters might spin off a property trust to fund further wine acquisitions in the US.
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