Frucor Beverages, Japanese owned subsidiary of global giant Suntory Beverage & Food, recorded a 31 percent drop in annual profit.
The decline is said to be attributed to higher costs and falling sales as reported by SMH.
Frucor whose brands include the popular V energy drink and Mizone sports water, reported an annual profit of $NZ 22.6m in 2012. $NZ 10.2m down from the previous year’s takings.
The company paid $NZ 10.9m last year in dividends which is down from $NZ 32.8m in 2011, however the value of the business’s brands remained steady at $NZ 13.2m.
Costs were reported to have fallen 8.9 percent, increasing gross profit, however logistics expenses such as distribution rose 20 percent, and financial expenses were up considerably from 2011.
Frucor is also said to be in dispute with the New Zealand Inland Revenue Department over the treatment of it optional convertible notes during the time that the company’s annual report was being published.
Suntory Holdings went public last week on the Tokyo stock exchange and enjoyed a solid first trading session after raising $3.9 b, representing Asia’s largest public offering this year according to the Wall Street Journal.