CORRECTION: Corby Distilleries Q1

By just-drinks.com editorial team | 16 November 2007

On just-drinks yesterday (14 November) we ran a story with the headline 'Corby Distilleries net profit takes battering in Q1'.

The report stated that the Canadian spirits manufacturer and wine importer saw net profit for the three months to the end of September fall to C$9.4m (US$9.8m) from C$81.9m in the corresponding period in 2006.

A spokesperson for Corby has contacted just-drinks to highlight that the reason for the profit fall was the inclusion of a one-time gain of C$72.6m in the first quarter a year ago. The gain came from Corby's sale of the Tia Maria brand to Pernod Ricard, which owns a 46% stake in the Canadian company.

Excluding the Tia Maria gain, Corby saw EBITDA rise by 22% over the quarter last year, the spokesperson noted.

As ever, we are happy to clarify the situation, and we apologise both to Corby and to all our readers for any confusion that may have arisen from our report.

Sectors: Spirits

Companies: Corby Distilleries, Pernod, Ricard