clarinews@clarinet.com (02/02/90)
TORONTO (UPI) -- Molson Companies Ltd. reported third-quarter earnings of $21.9 million, or 66 cents a share, up 24 percent from $17.7 million, or 54 cents a share, in the same period a year ago. Revenues for the quarter dropped to $503.2 million from $548.9 million in the 1988 period. For the nine months ended Dec. 31, Molson reported earnings of $133.9 million, or $4.07 a share, compared with $68.6 million, or $2.35 a share, in 1988. Revenues were off slightly to $1.70 billion from $1.73 billion the in 1988. Molson said higher income from its brewing segment was the major factor in its increased earnings. While Molson said its share of the market in Canada remained strong, its sales declined by 2.2 percent primarily from the sale of discounted sale of U.S. beers in Ontario. Shipments of Molson beer's to the U.S. declined, generally consistent with sales trends in the total United States import segment. In its retail merchandising segment, Molson said sales were ahead of last year despite a softening in the retail market, reflecting a slowdown in consumer spending and housing starts. Molson's 1989 financial results were impacted by the merger of its operations with Carling O'Keefe Breweries of Canada Ltd., owned by Elders IXL Ltd. of Australia. Molson's reported a $110 million gain from the brewing merger. Molson's activities include brewing ale and beer, marketing chemical specialty products, retail merchandising and venture capital operations.