Molson shareholders were told at an annual shareholders meeting in Montreal that the Canadian beer giant made profits of CAN$133.9m (US$87.2m) for the year ended in March, compared to a loss of CAN$44m last year.

The brewery claimed that as a result, its share price has increased by 88%, which it says is higher than any other major brewer worldwide. Molson's revenue went up 5% with beer volume rising 2.6%.

The Montreal-based company is seeking to divide its stocks 2 for 1, increasing the number of shares from 60m to about 120m, making them more accessible to a broader base of investors.

Eric Molson, chairman of the brewery, said: "Mission accomplished. We are once again a brewing pure play."

Last year, Molson bought back its brands US rights from Miller and Fosters for CAN$133m, then struck a deal with Coors Brewing Company selling a 49.9% stake in the rights for CAN$65m.

In December of last year, Molson bought Brazil's fourth largest brand, Bavaria, for CAN$98m. Daniel O'Neill, Molson's president and CEO, said that the company now ranks as the 20th largest brewer in the world and hinted that it has its eye on acquisitions in western Europe or the Americas.