Remy Cointreau has posted a net loss of EUR23m (US$31m) due to payments incurred by quitting its global distribution agreement.

The company said today (25 June), that its net loss figures are due to cancelling its distribution venture with Maxxium. According to the company, compensation totalling EUR241m ($324.3m) before tax for leaving the network was provided for under "other operating income and expenses" at 31 March 2007.

The French wine and spirits group said: "Taking into account this specific item, the operating loss was EUR89.6m ($120.6m) compared with a profit of EUR121.3m ($163.2m) the previous year."

The company added that it plans to: "Continue its value creation strategy and the development of its major brands in principal world markets, in order to generate significant organic growth in current operating profit."

On 31 July, the group plans to propose a dividend of EUR1.20 for approval by the shareholders, with the option of payment in shares up to 20% of the dividend, or of payment in full in cash, according to the company.