AUS: Lion Nathan maintains guidance on Q3 rise
Lion Nathan has said it is on-track to meet profits guidance for its full-year after beer sales continued to rise in the brewer's third quarter.
Net sales rose by 6% for the nine months to the end of June, compared to the same period last year, Lion Nathan said in a trading update today (16 July).
The rise follows a 5.5% sales rise in the brewer's first half, indicating the pace of growth has not slowed in the third quarter, despite a tough economic climate.
Lion Nathan said that it remains on-track for net profits of between A$305m and A$315m (US$252.5m) for its full-year.
Sales for the nine-month period were "driven by significant growth in the Australian business, which offset declines in wine", said Lion Nathan, which owns XXXX and Tooheys beer brands.
Australian beer volumes rose by 5% for the nine months, although group sales volumes rose more slowly, by 3%, due to "softening" in the third quarter in New Zealand and only a "marginal" rise in wine volumes.
Separately today, Lion Nathan said that New Zealand's Overseas Investment Board has cleared Kirin Holdings to buy up all remaining shares in the Australia-based brewer. Lion Nathan owns Steinlager beer in New Zealand.
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