CANADA: Corby Distilleries Q3 profits slip

By just-drinks.com editorial team | 15 May 2009

Corby Distilleries, the Canadian drinks group controlled by Pernod Ricard, has reported a fall in net earnings and sales for its fiscal third quarter.

Net profits fell to CAD$5.1m (US$4.3m) for the three months to the end of March, compared to CAD$5.9m for the same period in 2008, Corby said yesterday (14 May). Profits for the group's first nine months of its fiscal full-year were $23m, down from $25.9m last year.

The firm, which owns the licence to Pernod Ricard brands in Canada, said: "Corby's financial results for the three and nine months ended March 31 were negatively impacted by the significant decline in the value of the Canadian dollar relative to the US dollar, in addition to the dramatic fall in market interest rates, which have resulted in significantly lower returns on the company's cash deposits."

Net sales for both the nine-month period and the third quarter rose by around 3% to $127.8m and $34m respectively.

"We are proud that despite the challenging economic environment, we continue to realise revenue growth and market share gains," said Con Constandis, Corby's outgoing president and CEO.

Sectors: Spirits, Wine

Companies: Corby Distilleries, Pernod, Ricard