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Foster's annual profit increases 4%

Australian brewer and winemaker Foster's Group Ltd. reported Tuesday that its net profit rose 4 percent in the last fiscal year to $619.2 million.

The Melbourne-based company said in a statement that the market for its struggling wine business would also be tough in 2010, but that the Australian beer market was robust. Foster's booked a 4 percent increase in net profit ending June 30, 2009.

Foster's announced in February that it will retain its troubled wine business following an internal review. It is aiming to trim annual operating costs by selling vineyards and other noncore assets.


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