Australia: Foster's Group Ltd., Australia's largest beer and wine company, announced on Monday, October 25, it was on track its forecast earnings for the current financial year. "In terms of guidance, we are on track," Chief Executive Trevor O'Hoy told reporters at the annual meeting. He also said the company did not feel under pressure to make an immediate major wine acquisition as a result of Constellation Brands Inc.'s bid for Californian winemaker Robert Mondavi Corp., Reuters revealed on October 25.

"What it does say to us though is the urgency to deliver is increased, so we are pedaling as hard as we can to get this business running where it should be."

Foster's said in August it expected to post moderate earnings growth in the year ending June 2005, but expected to achieve "double-digit" normalised earnings-per-share growth in fiscal 2006.

Foster's shares last traded 0.2 percent firmer at A$5.12, compared with a broader overall market down 0.8 percent. ($1=A$1.35)

27 October, 2004