CANADA: Labatt targets 15% profit growth
The Canadian brewer Labatt is targeting a rise in profits of 15% this year, according to the company's head of investor relations.
The company fell under the control of Latin American brewer AmBev last year following its merger with European powerhouse Interbrew - a merger which formed InBev.
Labbat has found growing market share tough but the company has embarked on a successful cost-cutting programme. Dow Jones said some €40m in costs had been cut from Labatt's operations through job cuts and other savings, which has driven the profits increase.
However, investor relations boss Pedro Aidar said that the company should not expect the same kind of profit growth next year.
Speaking to Reuters in an interview he said: "I don't think this will be the same next year. We don't know how we will regain profit growth. We have lots of ideas, we just don't have the exact path."
He added that there is no way the company would grow slower than 4% to 5%.
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