SPAIN: Freixenet increases profit
Spanish firm Freixenet has boosted net profits 2.45% year-on-year to EUR16.7m (US$21.6m) for the fiscal year, according to local press.
It reportedly follows three years of falling profits for the Catalonia-based company.
The sparkling wine producer boosted profit by rising prices, focusing on wines from Rioja and abandoning the white label segment in unprofitable markets for the company like the UK, it said.
Freixenet said that revenue fell by 1.02%, with sales of the Spanish division growing 0.28% to EUR362m and foreign subsidiaries registering a 4.02% drop in sales to EUR150.3m.
Sales in Spain fell by 6%, after a 4% annual fall in 2004/05, reported the Spanish News Digest.
Representatives from Freixenet did not reply to requests for comment from just-drinks today (24 November).
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