Southcorp back on track

Southcorp has reported a fantastic set of results as it challenges the Foster’s bid.

FOLLOWING on from last month’s big news, Southcorp has reported a fantastic set of results as it challenges the Foster’s bid.  For the first half of fiscal 2005 the group has posted a 50% increase in net profits and a 2.9% increase in revenues, lifting net profits for the period to A$60.6m.

But while Southcorp celebrated the Foster’s board was less impressed.  Some days after the results were released it lowered its offer price to A$4.14 per share, saying Southcorp had shown no improvements in firsthalf operating performance, had no core brand commitment and had lost share in all key markets.

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The saga continues…