AFP, Paris :
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.
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.
