Beer profit drops

Press, 7 June 1980, Page 19

Beer profit drops

A drop of 15.7 per cent in net operating profit was suffered by the Sydney brewing company. Tooth and Company, Ltd. „„„„„„ The profit was $13,392,000 on a turnover 1.9 .per cent higher, of $517,569,000. The directors have recom-i mended a final dividend of | 7c a share for a total dividend of 13.5 c which is one cent higher than last year. ; Beer sales by Tooth and; Company were lower in both volume (9.5 per cent) and value (2 per cent), on the previous year, the company Sbid. : i L', j The profit from beer sales was down and the fall was the principal reason for the drop of $7.4 million in pretax consolidated operating IprofiL . ■

11 Other factors were lower, ■'profits from the wines and ; spirits division and higher ■ interest rates. j Penfolds, sales were 7 perl I’cent higher by volume and -the occupancy and revenues jof the Koala motel chain; ;j were also higher. i The company said that the! 'two projects at Chatswood ! iand Parramatta under con-, Jstruction by Property Re-‘ ■'sources, which is 66 2/3 per, j cent owned by Tooth and ’Company, would be com■lpleted in 1981. ' .1 I In October, 1979, the Spit ; Marina was acquired and re!j building of - the Rushcutters '■Bay Marina had been com- , pleted since the end of the ‘year.