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Remy Cointreau net profit was up 49%

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Remy Cointreau
Remy Cointreau   $107 million in net profit

French cognac maker Remy Cointreau said that fiscal full-year net profit jumped by half, lifted by higher prices and lower administrative costs.

Net profit was up 49% at 94.6 million euros ($107 million) in the year ended March 31, despite a 6.4% decline in sales revenue to EUR965 million, the company said. Current operating profit rose 3.9% to EUR156 million.

The alcoholic beverages group attributed the lower sales to destocking in Asia where an anti-corruption campaign in China has hampered the sale of premium cognac, one of the main sales drivers in previous years.

Remy Cointreau reacted to the lower sales by cutting administrative spending, controlling investment in marketing, raising prices and focusing on its more profitable premium brands.

The maker of Remy Martin cognac said it expects current operating profit to grow in the year ending March 2016 at constant exchange rates and scope.

The company's board will propose a dividend of EUR1.53 a share either in cash or shares.


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