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MELBOURNE, Australia (AP) - Australian brewer and winemaker Foster's Group Ltd. posted a 90 percent rise in half-year net profits on Tuesday, but shares plunged when it missed analyst forecasts after a strategy to combine its beer and wine sales teams flopped.
The world's second-largest wine company behind U.S.-based Constellation Brands Inc. reported a 90 percent rise in net profit for the six months to Dec. 31 to 533.4 million Australian dollars, or $435 million.
The result was boosted by a $149 million gain from divestments, including the sale of its breweries in Vietnam and India.
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