Lion Nathan has increased its annual profit excluding one-off items by 13 per cent, after Australia's second biggest brewer took advantage of customer preference for more expensive beers.
Operating net profit pre one-time and significant items for fiscal 2009 rose to $313.1 million - at the upper end of Lion Nathan's forecast of between $304 and $315 million, the Sydney-based brewer said in a statement on Thursday.
Lion Nathan, now owned by Japanese brewing giant Kirin Holdings, said net sales revenue grew 7.1 per cent to $2.242 billion, from the previous corresponding year.
Chief executive Rob Murray is now in charge of a combined Lion Nathan and National Foods, which form Kirin's Australian and New Zealand division, and will be working on finding the best way to fit the brewing and wine operations with dairy and juice businesses.
On the brewing front, Mr Murray said Lion Nathan would continue to benefit from consumers trading up to more expensive beers.
"We gradually want to trade up all consumers to something better for all drinking occasions," Mr Murray told reporters in a phone conference.
"The broader trend is premiumisation."
Mr Murray said brands such as VB and Tooheys New were in significant decline, while brands including Hahn Premium, James Boags and Corona had seen growth.
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