AUSTRALIA: Berri has no floatation plans
The Australian fruit juice company Berri has shelved plans for a public floatation, following strong financial results.
The company recorded a net profit after tax of A$21.7 m for the year to 30 June, 2003 up from A$5.4 m a year earlier, the Australian Financial review said today.
The paper said the jump was enough to convince major shareholder Doug Shears, who holds 57% of Berri, that he now has no interest in pursuing a public float.
Going forward, the Berri business is expected to continue to grow.
Berri chief executive Alison Watkins said the business was on target to finish 2003-04 with earnings before interest and tax "around the high 30 million mark". This compared with EBIT of $30.3 m last year.
Sectors: Soft drinks
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