FRANCE: Taittinger Champagne turnover down again
Taittinger has posted a fall in net profit for the first half of this year. The French Champagne, luxury goods and hotel group saw net profit for the six-month period fall to €6.7m from €8.1m in the same period last year. Revenue increased, however, hitting €397.5m from €354.9m a year ago.
The company said yesterday that restructuring charges and the revaluation of certain assets contributed to the dip in profits.
Taittinger said that revenue increased across most of its businesses, with the exception of Champagne and wine, which fell by 1.1%.
In May, the company announced that turnover in the first quarter of 2004 increased by 11% year-on-year, to €182.2m (US$217.9m). The company's Champagne and wine division, however, saw its turnover fall in the quarter by 6.1% to €18m.
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