Greek woes hurt Remy Cointreau

first_img whatsapp Tags: NULL KCS-content Show Comments ▼ Greek woes hurt Remy Cointreau Tuesday 30 November 2010 8:09 pm FRENCH drinks group Remy Cointreau took a blow from the Greek economic crisis yesterday, writing €45m (£37.7m) off the value of its Metaxa brand as sales of the Greek brandy declined in its home market.The Greek writedown wiped two thirds off Remy’s group net profit, which slumped to €14.1m (£11.83m) in the six months through September.Remy said there had been a “highly unfavourable impact” on operating profitability in liqueur and spirits from a decline in Metaxa sales in Greece, though it gave no numbers.However Remy chief Jean-Marie Laborde said he was confident on the second half of the group’s current year through March, partly due to a fresh round of price increases.“We’re completely confident on the second half,” Laborde said, adding the group’s loss-making champagne unit – which is anyway being sold – would be at the very least break-even at the operating level for the year.Remy Cointreau is selling its champagne operations, which include the Charles Heidsieck and Piper-Heidsieck brands, to focus more on cognac, which is a popular drink in China. The group should receive indicative offers for the champagne unit by the end of December and finalise a deal in March, Laborde said. center_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Share whatsapplast_img

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