DB Breweries cuts dividend to owner Heineken despite profit rise

Mon, 13 Jun 2016

By Edwin Mitson June 13 (BusinessDesk) - DB Breweries owner Heineken cut the dividend it took from the New Zealand brewer by more than a third in 2015, despite a rise in profits. The brewer, which owns bars and brands including Tui, Monteiths and Redwood Cider, saw sales fall 3.4 percent to $487 million in 2015, down from $504 million in 2014. Profit rose to $25.1 million from $22.3 million, an increase of 11 percent that was driven by falling excise duty, raw materials and packaging costs. The dividend to its parent, Dutch brewing gi...

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