Kirin's Lion Nathan year profit jumps 13 pct

Published: 04 Nov 2009 17:40:21 PST

MELBOURNE, Nov 5 - Lion Nathan, Australia's second-largest brewer, reported a 13 percent rise in full year profit as promised, bolstered by its premium beers, in its final year before being taken over by Japan's Kirin Holdings <2503.T>.

Net profit before one-offs rose to A$313 million ($286 million) for the year to Sept. 30 from A$278 million a year earlier.

The group had forecast a net profit between A$305 million and A$315 million.

It said the beer market remained in good health while its wine business, which makes up less than 1 percent of earnings before interest and tax, was struggling as wine drinkers offshore, hit by the economic slump, had switched to cheap wines.

Kirin completed its buy-out of Lion Nathan in October and is reviewing how best to combine the business with dairy and juice group National Foods.