POLAND: CEDC sees earnings soar during Q3
Poland's leading vodka producer Central European Distribution Corporation has seen profits more than double during the third quarter.
The US-based company said last night (6 November) that operating income soared by 161% to US$24m in the three months to 30 September.
Net sales rose 25% to $234m as the company, which distributes a raft of third-party products in Poland, increased the sales of its own brands, which include vodka brand Absolwent.
William Carey, the company's CEO and president, said: "We continue to see gross margin and operating margin improvement in the overall business, led by our strategy of selling a more premium portfolio of alcoholic beverages."
The company handles brands including Sauza Tequila, Concha y Toro wines, and Foster's lager.
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