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AUSTRALIA: Premium brands drive Southcorp profit growth

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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.


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