Foster’s Group has posted losses of AUD89m (£56.5m) for the past year.
The figure represents an improvement on last year’s performance, when the Australian brewer suffered losses of AUD464m.
As predicted earlier this week, the company vowed to return AUD500m to shareholders in a bid to stave off the hostile approach from SAB Miller.
Chief executive John Pollaers said the improved performance vindicated a “transformational year” for the company, during which it sold off its wine business.
“I'm pleased to say the turnaround is on track,” Pollaers said. “Foster's is now able to dedicate all of its considerable financial resources and industry expertise to the beer and cider business.”
Foster's shareholder payout expected (22 August 2011)
Foster’s board bids to stave off SAB Miller approach (18 August 2011)
SAB Miller goes hostile with Foster’s bid (17 August 2011)