ITALY: Campari '04 profit slides, stock to split
Davide Campari-Milano has posted a drop in net profit for 2004. The company pointed to a capital gain in 2003 on the sale of its headquarters building as the reason behind the decrease.
Net profit for the Italian company in 2004 fell to €69m, compared to €80m in 2003. EBIT and group revenue rose for the period, however, by 6.2% to €130m and by 9.1% to €779m respectively. The sales increase was credited to the consolidation of Barbero 1891, the maker of Aperol aperitif.
The company will pay a dividend for the period of €0.10 per share, up from €0.088 in 2003.
Seperately, Campari also announced that it will ask shareholders to approve a stock split, replacing each current Campari share with 10 new ones.
Early trading trends this year suggest slight growth in the euro zone, stronger growth in the US and stronger-than-usual growth in Brazil, Campari said.
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Campari has had its rating cut....
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