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Lion Nathan increase earnings

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Lion Nathan increased earnings in New Zealand during a recession and said the move to its new Auckland brewery is expected to be slightly ahead of schedule in 2011.

Lion Nathan New Zealand reported earnings before interest and tax rose 5 percent to $94.3m in the year to September 30.

The volume of beer sold was down 2.3 percent compared to a market decline of 4.9 percent, while the volume of wine, spirits and ready-to drink product sold rose 13.1 percent.

New variants on brands like Steinlager Pure, Speight's Summit and Steinlager Edge helped drive growth.

The company is building a $250 million brewery at East Tamaki in Auckland after selling its brewery site in Newmarket.

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