Foster's reports annual loss of $93m

Foster's reported a loss of 89m Australian dollars ($93m; £56.5m) for the year ending 30 June.

Despite the loss, Foster's said it planned to return A$500m to shareholders.

The move comes after Foster's rejected a $10bn takeover offer from SABMiller, saying the bid significantly undervalued the company.

"Options being investigated include a capital reduction and share buy back." John Pollaers, chief executive officer of Foster's Group said in a statement.

'Transformational year'

The latest results from Foster's are an improvement on the A$464m loss it booked last year.

Mr Pollaers said that this had been made possible by the changes that had been implemented in the company.

In May, Foster's split its businesses into two parts, Foster's beer operations and the wine business, Treasury Wine.

"This has been a transformational year for Foster's and I'm pleased to say that the turnaround is on track," he said.

Mr Pollaers explained that the split had allowed the company to focus on growing its key businesses.

"Foster's is now able to dedicate all of its considerable financial resources and industry expertise to the beer and cider business." he said; Kazinform cites BBC.

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