Malaysia: Guinness is cautiously optimistic that beer and stout market may rise 1%

Guinness Anchor Bhd (GAB) is cautiously optimistic that the beer and stout market will stabilise or see a 1% growth in the current financial year (FY) ending June 30, 2007, said chairman Tan Sri Saw Huat Lye, The Age Daily posted November 07.

On the company's conservative outlook, executive director and finance director Low Teng Lum said consumers were more cautious with their spending with the rising cost of living and oil price-driven inflation.

However, the company was hopeful that the Ninth Malaysia Plan (9MP) would give a boost to the economy and improve consumer spending.

The 9MP was also expected to help revive the construction sector, which had traditionally been "friendly consumers" of GAB's products, Low said after the company AGM on Tuesday.

The company also planned to introduce more new brands to the market this financial year and continue to spend on brand building, managing director Theo de Rond said.

New product Anchor Strong launched in September had seen very "optimistic first results," he said.

For FY2006 GAB posted a 1.2% increase in group pre-tax profit to RM142.2million on a 2.5% growth in revenue to RM976 million.

08 November, 2006