A resilient New Zealand beer market contributed to a rise in annual operating profit for Lion Nathan. Earnings before tax rose 3.8% to $90 million.
Lion Nathan says its New Zealand business performed well in a highly competitive market and a challenging economic environment.
But the rise in operating profit was offset by the weaker New Zealand dollar.
Lion says the beer market proved resilient here, achieving a small amount of growth, 0.3% in a tough year.
It attributes that to the success of its premium brands, Steinlager Pure and Speights Summit.
However, net sales revenue decreased by 1.5%.
Overall, Lion Nathan's full-year operating profit for its Australian and New Zealand businesses rose 4%.
The results came a day after a $A7.6 billion takeover offer for the Australian arm of Coca-Cola was rebuffed.
Coca-Cola Amatil has says the offer is too low compared to recent acquisitions in the beverage industry, and it will not review the proposal.