(29 November 2019)DAILY MARKET BRIEF 2:Remy Cointreau: 1H FY 2020 Net Profit Rose on Divestments

Remy Cointreau SA (RCO.FR) said Thursday that net profit in the first half of the fiscal year increased, buoyed by proceeds from disposals. The French drink maker made a profit of 90.5 million euros ($99.4 million) for the six months ended Sept. 30, up from EUR87.5 million the year before, on sales that fell 0.6% to EUR523.9 million. Remy Cointreau said net proceeds from the sale of its subsidiaries in the Czech Republic and Slovakia totaled EUR6.3 million. When excluding nonrecurring items, net profit was down 5.6% to EUR84.6 million. Current operating profit was broadly flat on the year before at EUR138.3 million, as its group brands growth was offset by partner brands, as well as usual volatility in holding costs. The Paris-listed company said that for the fiscal year, it expects slight organic growth in current operating profit for its group brands, while the figure is expected to stay stable at the group level. It backed its medium-term guidance.

By Vincent Mivelaz