But the top financial officer projected better gains in the future.

Shareholders' profit decreased significantly to N$21,4 million from N$40,2 million in the previous 17-month period.

NBL Group Financial Director Ciaran Duffy was quick to attribute this fall to the shorter reporting period and said the result was "negatively impacted by an increase in the provision for deferred tax as a result of timing differences which had no cash impact".

Operating profit before depreciation went down to N$73,7 million in the 12 months from N$114,6 million of the previous 17 months, while operating profit was higher at N$39 million from N$36,8 million despite the fact it was a shorter time.

However, finance costs were substantially higher in the period under review at N$15,8 million compared to the previous 17 months at N$14,034 million, which then resulted in a decrease in profit before taxation at N$22,2 million compared to the previous period, when it stood at N$32,8 million.

Headline earnings per ordinary share dropped 51 per cent to 12,4 cents per share during the 12 months under review from 18,8 cents per share recorded for the prior 17 months.

Headline earnings are a stringent measurement tool.

Investors can use it to compare and contrast different companies according to a standard method of accounting for net income.

Net cash from operating activities increased to N$73,8 million up from N$47,2 million previously, which was attributed to improved management of working capital.

Duffy attributed some of these movements to the difference in the periods being compared - that is the 12 months under review and the previous 17 months.

NBL began realigning its business in June this year and plans to close the Hansa Brewery in Swakopmund at the end of next month.

Duffy also said the results included a provision of N$22 million for the restructuring.

With around half of its production targeting the export market, Duffy said NBL would focus on driving growth in its regional markets, which include South Africa, Botswana, Angola and Kenya.

NBL is working on ensuring a bigger share of the strategic South African market through the operation of a joint venture between NBL, Diageo and Heineken.

Milestones included three per cent year-on-year growth achieved by the company, the launch of a new beer - Hansa Pilsner - and board approval for a three-year business plan.

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