Investors cheer heady gain in Remy Cointreau net profit

GMT 15:23 2015 Wednesday ,17 June

Arab Today, arab today Investors cheer heady gain in Remy Cointreau net profit

Remy Martin cognac barrels are seen in a wine cellar in Cognac
Paris - AFP

French spirits group Remy Cointreau said on Wednesday its net profit jumped nearly half in its 2014-2015 reporting year and that it expected further gains in 2016.

Profits had been hit badly the previous year due to a state clampdown on ostentatious business entertainment and gift-giving in China, but bounced back to 92.6 million euros ($104.3 million).

The maker of Remy Martin cognac, Metaxa liquor and Mount Gay rum however saw its sales fall 6.4 percent to 965.1 million euros due to the expiration of a distribution deal in the United States.

Excluding the effect of that, sales nudged up 0.06 percent.

Operating profit rose nearly 4 percent on an organic basis to 156 million euros thanks to "a proactive pricing policy, optimised marketing investments and a reduction in administrative expenses", the company said in a statement.

Investors toasted the results, sending the company's shares up 7.8 percent to 69.10 euros in early trading while the Paris market was down 0.37 percent overall.


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