SINGAPORE: Asia-Pacific Breweries Ltd, which produces "Tiger Beer", posted on November 14 good results in both sales and net profit for 2003 year ended on September 30, 2003. Net profit for the year rose by 10.9% to S$94.14m (US$54.26m) from S$84.9m year-on-year. Sales increased by 15.1% to S$1.26 billion. The brewer witnessed strong performances in New Zealand, Vietnam, and improvements in Thailand and Papua New Guinea.

In September, Asia-Pacific was hit for undisclosed claims from banks in Germany, Sweden and Japan after one of the company’s executives was charged with defrauding them of up to US$69m. The brewery has said it will contest the charges. The case is expected to open in Singapore’s High Court soon.

Asia-Pacific, makers of Tiger beer, is joint-owned by Dutch brewery Heineken NV (42.5%) and Fraser & Neave Ltd (37.9%). It is also Singapore’s oldest brewery.

19 November, 2003