Lion Nathan, the Australian beer and wine group, has reported that it is going to record a net profit of A$180m (US$107m) for the 2003 fiscal year, in spite of a tough first quarter in the Australian beer market. The forecast is in line with Lion Nathan's forecast in December of an 11% year-on-year rise in net profit. Lion Nathan lost market share in Australia in the four months to December 2002 but beer volumes in China and its premium wine volumes were up, the company said.

"Going into the second quarter of the year, we remain confident that we will be able to deliver on our commitment to the market of achieving NPAT (net profit after tax) from operations for the 2003 fiscal year of A$180m," said Lion's CEO, Gordon Cairns.

11 February, 2003