C.U.B. earned $15.4M

Press, 6 September 1976, Page 14

C.U.B. earned $15.4M

NZPA Melbourne Carlton and United Breweries, Ltd, Australia's largest brewer, has reported a ‘•quite unsatisfactory” profit of sAustls.4M for the year to .lune 30. Despite the poor performance, the directors have

recommended an increase in the final dividend rate, which raises the annual distribution from 12c to 12.5 c a share. C.U.B. managed an 11.1 per cent increase in net earnings to S7.IM in the six months to December — in a period remembered for a lengthy brewery strike in Victoria in the Christmas season. Overtime bans imposed by the unions in Victoria began on November 10 and intensified on December 3, resulting in the closure of four breweries for more than two weeks in the busiest time of the year.

Industrial disputes also closed the Queensland plants

for three weeks in July and August. The industrial strife in the first six months consequently affected sales revenue. which showed an increase of 16.4 per cent to SI99M.-

In the relative peace of the second six months C.U.B. managed to improve its turnover 27.6 per cent to S2OBM, resulting in an overall gain of 21.8 per cent to S4O7M for the year. Net earnings of C.U.B: in, the second-half of its year increased 17.8 per cent to SB.3M when compared with the first half, — although the increase was only 5.9 per cent when compared with the previous corresponding six months.