The African brewer Namibia Breweries (Nambrew) has reported full-year earnings per share of 23.7 Namibian cents up from 11.1 cents last year. Revenues reached N$944.5m for the year to January 31, 2004, up from N$878.9m a year before.

Beer revenues were up to N$786m from N$645.7m. However, revenues from soft drinks fell to N$119 million from N$200.  

However, operating profits slipped to N$41m (US$6.1m) from N$70.5m. Last year, though, was boosted by positive tax rates following the Namibian Income Tax Amendment Bill in 2002.

The company, which is partly owned by Heineken and Diageo said the decline in profitability was only temporary. It added that a poor situation in Angola - its biggest export market outside South Africa - had since been resolved through a bilateral trade agreement.

Heineken and Diageo acquired a combined 28.9% stake in the brewer last year.