Courage still in trouble

Press, 14 October 1976, Page 10

Courage still in trouble

NZPA Sydney Cost increases and production and distribution problems in the final six months to June 30 almost prevented Courage Breweries, Ltd, from registering its full-year group net profit. The Melbourne-based brewer and hotel owner turned in a net profit of sAust44B,ooo in the six months to December 31, half of. the latest year, in contrast with a net loss of $338,000 in the previous corresponding period. However, the preliminary report in the latest 12 months to June 30 showed that, in the final six months, the group again worked in the red. Consequently, it achieved only a token net profit of $32,000 for the full year. This is, nevertheless, $829,000 better than the result in 1974-75. Since flotation in September, 1968, the company has been in profit only twice — in the first-half of the latest year and in the first-half of 1973, when a net profit of $36,425 was registered. The latest result reflects a 109 per cent increase in sales from $22.6M to 547.4 M achieved after a 53 per cent expansion in brewery sales volume. Petition delayed A petition for the winding up of Claude Neon Lights of N.Z., Ltd, was further adjourned by Mr Justice Perry on Wednesday, until November 10, when another date will be set for a hearing. Mr R. Asher, for the petitioning creditor, sought the adjournment because verbal matters were not ready. Mr R. Worth, for Philips Electrical Industries, Ltd, said he was applying for the dismissal of the petition.