Remy Cointreau Posts Drop in Net Profit
French drinks company Remy Cointreau said Tuesday that first-half profit almost halved after booking one-time gains in the previous year from asset sales.
Net income at Remy Cointreau, the maker of Remy Martin cognac and Piper-Heidsieck champagne, dropped to 38.1 million euros ($56.5 million) for the six months through Sept. 30, from 75.7 million euros in the same period a year earlier, the company said in statement.
Sales advanced 5.6 percent to 374.4 million euros ($555.7 million).
"The performance for the first six months of the year was in line with the guidance for significant organic growth," the company said.
Remy Cointreau has been selling some units to focus on its more profitable businesses. Earlier this year, Central European Distribution agreed to buy Bols, Poland's third-largest distiller, from Remy Cointreau for $265 million.
Remy Cointreau shares dipped 0.5 percent to 48.63 euros ($72.18) in Paris.