Remy Cointreau net profit was up 49%Staff writer ▼ | June 17, 2015
French cognac maker Remy Cointreau said that fiscal full-year net profit jumped by half, lifted by higher prices and lower administrative costs.
Remy Cointreau $107 million in net profit
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. ■