CANADA: Molson Coors declares dividend

By just-drinks.com editorial team | 23 February 2009

Molson Coors Brewing Company has declared a regular quarterly dividend of US$0.20 per share, payable on 16 March 2009, to shareholders of record on 27 February 2009.

The quarterly dividend is payable to holders of Class A and Class B common stock of Molson Coors Brewing Company, as well as to holders of Class A and Class B exchangeable shares of Molson Coors Canada Inc.

The Canada-based brewer earlier this month reported a 22% drop in net income for 2008, thanks to deteriorating beer volumes and an unfavourable currency rate.

The company said that net income in the 12-month period fell to US$338m. The fall was greater in the fourth quarter, as profit fell by 44% to $96m.

The brewer said that earnings had been hit by a strong US$, as well as higher tax charges than in 2007. Weakening beer sales in the fourth quarter of 2008 hampered Molson Coors' volumes. Full-year volume sales rose by 4% to 43.7m barrels, but fell at the same rate in the final three months of the year, reflecting "slower industry trends", the brewer said.

Sectors: Beer & cider

Companies: Molson Coors