Foster's Group has posted a loss amid a battle for control with SABMiller, which has made a hostile $A10 billion takeover offer.
Australia's largest brewer's net profit, before one-off items, fell to $A495 million, after a loss on the recent demerger of its wine business, Treasury Wine Estates, and the bottom line sank to a loss of $A89 million.
The company results reflect a depressed beer market, weakening the brewer's bargaining position as it attempts to fend off the bid.
SABMiller took its offer direct to shareholders last week after Foster's board rejected the approach as significantly under-valuing the company.
Meanwhile, Fosters has announced plans for a $A500 million share buyback or capital reduction as a sweetener for shareholders, as part of its efforts to get SABMiller to increase its offer of $A4.90 per share.
