FRANCE: Belvedere sales rise, warns on profit
French wine and spirits group Belvedere has reported a 22% revenue rise in the first nine months of 2008, but warned that it was likely to miss operating profit targets.
Revenue for the nine months ended 30 September reached EUR875.5m (US$1.1bn), Belvedere said yesterday (09 December).
Sales were driven by strong growth for vodka in Poland, a country which accounts for 48% of Belvedere revenue, and also for the group's Sobieski vodka brand in the US.
Belvedere, which is being protected from bankruptcy by French courts, said that full-year sales were on track to reach EUR1.2bn. EBITDA is likely to miss the firm's target of EUR60m, however, it added.
The group's EBITDA for the first six months of 2008 fell by 8% to EUR12.4m, Belvedere said yesterday. It reported a net loss for the half year of EUR38.7m, compared to a slim profit of EUR100,000 in the same period last year.
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