Foster's Group said it expects earnings to grow further in the current year to June 2007 as stronger beer sales offset a struggling wine market.

The company reported a net profit of A$1.16 billion for the year ended June 30, up from the previous year's A$919.9 million, and in line with market expectations.

Revenue rose to A$5.12 billion from A$4.16 billion a year earlier. Shareholders will receive a final dividend of A$0.1175 per share, up from A$0.1075 last year.

The brewing and wine group said the wine market in Australia remains very competitive because of a current grape surplus.

For the complete story, go to http://www.forbes.com