News: Fosters Group narrows FY loss to $89M

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Foster's Group Limited (ASX:FGL) has narrowed its full year net loss to $89 million, from a loss of $464 million the year before.  

Australia’s largest brewer has also flagged plans for a $500 million share buyback or capital reduction, in a move that could impact SABMiller’s $9.5 billion hostile takeover bid for the company.

At an underlying level, Foster’s has posted an 8 per cent fall in earnings before interest and tax and a 5 per cent fall in revenue. 

Total beer sales revenue declined 6 per cent over the year, but Foster’s says it expect the rate of decline to moderate in the first half of fiscal 2012.

Foster’s has declared an unfranked final dividend of 13.25 cents per share, taking the total payout for the year to 25.25 cents.