DB Breweries has posted a rise in H1 net profit and believes it is on course to reach its target growth in annual operating profit for the year.

The New Zealand brewer today announced a 2.1% rise in net profit to NZ$17.2m (US$10.37m) for the first half to 31 March, compared with NZ$16.8m a year earlier. Operating profit, expressed as EBIT, rose by 14.2% year-on-year to NZ$26.8m.

Speaking to Dow Jones Newswires, managing director Brian Blake said: "We have focused on growing EBIT by 10% a year, and I think we are on target to do that again this year.
"Margins are tight in the more mainstream brands, but we continue to achieve good sales, which should see us achieve our full-year target," he added.

DB Breweries, which is 77%-owned by Asia Pacific Breweries Ltd., a joint-venture between Heineken and Singapore-based Fraser & Neave Ltd., expects its share of the beer market to grow further in the next 12 months.

The company has increased its market share by 0.5 percentage point to 35.5% over the last 12 months, Blake said.