AUSTRALIA: Premium brands drive Southcorp profit growth
Increases in sales of its more premium end brands have seen Southcorp, Australia's largest winmaker, exceed market forecasts for its full year profits. The company announced today that 2001/02 net profit leapt 45% to A$312.7m (US$170m), from A$215m a year ago and outpacing forecasts of around A$289.6m. If the one of gain from the sale of its water heater business is excluded, Southcorp still achieved net profits of A$175.2m, up 23.2% on a year ago.