Australia's biggest brewer, Foster's, has recorded a $A464 million loss due to previously announced write-downs in its wine business, but its underlying earnings have beaten previous forecasts.
In May, the company announced it was writing down $A1.3 billion from the value of its wine business, the ABC reports.
Foster's earnings before interest, tax and one-off write downs was $A1.1 billion, but the company says adverse currency movements meant its net profit before write-offs fell 4.1% to $A711 million.
The firm's beer division, Carlton and United Breweries, reported a 5% increase in earnings to $A904 million.
Foster's shares rose more than 7% on Monday amid speculation London-based brewer SABMiller was interested in the Carlton and United Breweries division, but the company shrugged off the speculation.
The company's wine business recorded earnings of $A221 million, up 20.5% when adjusted for currency fluctuations.
Foster's is planning to demerge its wine business from its beer business in the first half of next year.
