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FRANCE-EARNINGS-DRINK-REMYCOINTREAU
Spirits high as France’s Cointreau fetes ‘excellent performance’
PARIS, June 7, 2018 (BSS/AFP) – French spirits group Remy Cointreau saw
its net profit plunge in the past financial year, though in an upbeat
statement Thursday it feted a jump in profitability and an “excellent annual
performance”.
The group, which has distilled orange liqueur since 1849, suffered a 22.1
percent dip in net profit in the financial year from April 2017 to March
2018.
The fall followed a year buoyed by the creation of the Passoa passion
fruit liqueur joint venture, which brought in a non-recurring gain of 65
million euros ($77 million).
The group was by no means disheartened, however, as it celebrated a 4.7
percent jump in operating profit to 236.8 million euros, beating analysts’
expectations.
It also revised its outlook upwards for the coming financial years.
“On the heels of a strong rise in profitability in 2017/18… the Remy
Cointreau Group revises its target to increase the current operating margin
over the three-year period ending March 2020,” the statement said.
It added that it anticipated a cumulative rise of 2.4-3.0 points, up from
the 0.8-1.8 points previously set.
House of Remy Martin cognac reported that operating profit shot up 10.4
percent, with sales driven by “the excellent performance of the Asia-Pacific
region”, mainly China, Singapore and Japan, the statement said.
Remy Cointreau’s liqueur and spirits division meanwhile posted a 25.5
percent drop in operating profit for the year.
Overall, the group saw an annual turnover of 1.13 billion euros, up 2.9
percent from the previous financial year.
BSS/AFP/HR/1340