Arab Today, arab today investors cheer heady gain in remy cointreau net profit
Last Updated : GMT 13:22:57
Arab Today, arab today
Arab Today, arab today

Investors cheer heady gain in Remy Cointreau net profit

Arab Today, arab today

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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