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Remy Cointreau's profits tumble

PARIS-BASED wine and spirits group Remy Cointreau reported yesterday a 12.5 percent fall in full-year net profit, owing to substantial destocking by customers and costs associated with its exit from distribution network Maxxium.

It also declined to give an outlook for its 2010 earnings because of the uncertain economic climate.

The beverage maker said net profit for the year ending March 31 was 86.1 million euros (US$120 million), compared with 98.4 million euros a year earlier. Operating profit fell 14 percent to 137 million euros.

Remy Cointreau said operating profit in its largest division - cognac - fell 20 percent to 75.1 million euros, as the "sustained price increases did not fully offset the volume declines noted in the United States and Russia, or the impact of destocking as a result of leaving Maxxium."

But the company said that in China it continued to see double-digit growth, and that advertising investment was increased and targeted toward Asia.


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