CANADA: Corby Distilleries H1 profits rise on Sazerac deal
- Half-year net profits jump by 92% to CAD36.5m (US$36.7m)
- Net sales dip by 2.3% to CAD85.1m
- Operating profits rise by 72% to CAD46.2m
- Figures skewed by non-core brands disposal
Corby's net profits for the six months to the end of December jumped by 92% to CAD36.5m (US$36.7m), the company said in a stock filing yesterday (8 February). The leap in profits was due to proceeds from Corby's sale of 17 non-core brands and a production facility to Sazerac Co for US$32.9m.
For the same reason, operating profits increased by 72% on the same period a year earlier, to CAD46.2m. Net sales dipped by 2.3%, to CAD85.1m, said the Canada-based group, which is controlled by Pernod Ricard subsidiary Hiram Walker & Sons.
No commentary was supplied with the figures.
In the second quarter, Corby's net sales fell by 10% to CAD40.9m, likely to at least partially reflect the loss of sales on the divested brands, such as De Kuyper Geneva gin and Peachtree schnapps, Red Tassel vodka and Silk Tassel Canadian whisky.
Second-quarter operating profits increased by 144% to CAD33.5m. Net profits for the three months almost tripled, rising by 176% to CAD27.1m.
Corby's share price was flat on the Toronto stock exchange today, but is down by 1.7% so far in 2012.
To view the figures, click here.
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