KUALA LUMPUR: Carlsberg Brewery Malaysia Bhd's net profit  more than doubled to RM19.86 million in its fourth quarter ended Dec 31, 2009 from RM9.62 million a year earlier on the back of higher turnover.

Revenue rose 46% to RM300.39 million from RM205.19 million due to consolidation of the two months' results of Carlsberg Singapore Pte Ltd (CSPL) and also due to the pre-budget trade stocking-up falling. Basic earnings per share (EPS) rose to 6.57 sen from 3.14 sen.

Carlsberg proposed dividends totalling 18 sen comprising a final dividend of 7.5 sen less tax and a special dividend of 10.5 sen less tax. This brings total dividends for FY09 to 23 sen per share versus 12.50 sen in FY08.

Carlsberg said the positive contribution from Luen Heng F&B Sdn Bhd and consolidation of the two months' results of CSPL had resulted in the better performance while the synergy on the acquisition of CSPL would only be realised in 2010.

The company said on a full year basis, group revenue rose 8.9% to RM1.05 billion from RM960.21 million in the previous year, while pre-tax profit of RM102.6 million was 1.3% higher, in line with expectation. Net profit fell marginally to RM75.9 million from RM76.15 million, while EPS rose to 25.02 sen from 24.90 sen.

Carlsberg believes the beer market will improve marginally this year in line with the better economic climate and more favourable timing of Chinese New Year.