Castle Brands has reported a slip in net sales and reduced net losses for its fiscal full-year.

Net sales for the 12 months to the end of March fell to US$26.1m, down from $27.3m in the same period a year earlier, the US-based spirits group said today (29 June).

Net losses for year were $21.7m, down from $27.6m in the previous year, said the group, which owns Boru vodka and Gosling's rum.

The group reduced losses via a $15m private share placement last October, it said. Earnings were hit by a $4.1m loss on foreign exchange rates, due to the strength of the US dollar, and a $4.8m impairment charge, reflecting a fall in value of the firm's intangible assets and goodwill.

Case sales in the US increased by 1%, to 206,532 nine-litre cases. International cases sales declined to 83,806 from 108,469 the year before.

"Our results show the immediate benefit of focusing sales and marketing on our more profitable brands," said chief operating officer John Glover.

Gosling's rum increased sales by volume by 16% in the US, although Boru vodka sales slipped by 17% in the country.

Richard Lampen, Castle's president and CEO, added: "The capital infusion from the private placement transaction and the conversion of our debt into equity put our company on firmer footing. We continue in our goal to build our own premium brands, support our existing agency brands, pursue new agency relationships and make brand acquisitions."